Top Banks in Paraguay
Overview of Paraguay's leading financial institutions
Overview of Paraguay's leading financial institutions
Financial institutions and banks in Paraguay are regulated by the country’s Banking Superintendent that is governed by the Banco Central del Paraguay. Based in Asuncion, the Central Bank of Paraguay was established in 1952 by Law 18/52. It is the highest monetary authority in the country. It is also responsible for managing the printing and minting processes of guarani, the Paraguayan currency.
Moody’s Investors Service recently revised its outlook on banks in Paraguay from negative to stable. High capital levels and improved profitability are expected. Also, the operating environment for banks in the country will be supported by factors such as steady economic growth and stable currency.
For anyone considering a career in banking in Paraguay, this list is a helpful guide on where to start. To learn more, see our list of financial institutions.
Based in Encarnación, Banco Regional operates a network of 32 branches across the country, specializing in providing services to the agricultural sector and rural regions since 1991. In 2008, Rabo Development, a subsidiary of Dutch bank Rabobank, acquired 40% shares in the Paraguay bank. Banco Regional became the largest bank in Paraguay after completing its merger with ABN Amro Paraguay in 2009.
One of the principal banks in Paraguay is Banco Continental. Founded in 1980, the bank provides a range of personal and corporate banking services, including deposits, consultancy services, and investment project financing.
In 2012, Banco Continental established a presence in Brazil after acquiring NBC Bank Brasil. Based in Asunción, it employs almost 1,100 individuals and operates 52 branches throughout Paraguay.
Founded in 1995, Banco Itaú Paraguay is a subsidiary of Itaú Unibanco S.A. The bank was formerly called Interbanco S.A. when Unibanco acquired Interbanco. It was then incorporated to Itaú Unibanco in 2008 and changed its name to Banco Itaú Paraguay S.A. in 2010. With headquarters in Asunción, the bank provides banking products and services through its 36 branches and 249 ATMs.
Spain-based financial group BBVA maintains a strong presence in Paraguay through Banco Bilbao Vizcaya Argentaria Paraguay (BBVA Paraguay). It is considered the country’s second-biggest private sector bank based on income. The bank provides a wide range of financial solutions such as savings and checking accounts, loans, and certificates of deposit to individuals and corporate clients throughout the country. Its headquarters is in Asunción.
Founded in 1962, Banco Nacional de Fomento offers commercial banking services in Paraguay. The state-owned bank’s headquarters is located in Asunción.
Vision Banco is a lending institution in Paraguay and the sixth largest bank in the country. It provides loans and financial services to the microfinance industry and consumer finance segment. It was established in 1992 with headquarters in Asunción. In 2013, Vision Banco employed 2,085 staff and operated through 80 customer service centers and 13 customer service points.
International financial group Citibank established a presence in Paraguay in 1958 with Citi Paraguay. It is considered a pioneer in providing quality financial solutions in the country. It was the first bank to introduce ATMs during the 1960s.
As part of its social investment initiatives, Citi is also the only financial institution in Paraguay to provide programs in financial literacy and operate a cultural center as part of its efforts to promote the country’s arts and culture.
Established in 1910, the commercial bank was formerly called Banco Sudameris de Paraguay S.A.E.C.A. It changed its name to Sudameris Bank in 2004. It provides a wide range of banking products and services including savings and current accounts, deposit certificates, foreign trade, loans, money markets and exchanges and insurance. Headquartered in Asunción, it oversees several branches throughout the country.
Banco GNB Paraguay S.A. started operating in Paraguay in 1920. The bank provides banking products and services to individuals and corporations in the country. It was formerly called HSBC Bank Paraguay S.A., then changed its name in 2007 to Banco GNB Paraguay S.A. Based in Asuncion, it operates as a unit of Bogota-based Banco GNB Sudameris S.A. and oversees seven branches in the country.
Banco Atlas Paraguay, based in Asunción, provides a range of banking products and services in the country. The bank was established in 1989 under the name Cristal Financiera S.A. It was then changed to Atlas SA de Finanzas in 1997 to become an Open Capital Issuer and take part in the stock market.
When its Articles of Association were modified, the bank’s name changed to Financiera Atlas Saeca. In 2010, Central Bank of Paraguay granted the bank license to operate under the name Banco Atlas.
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This has been a guide to the top banks in Paraguay. For anyone looking for a career in banking, this list is a great place to start your networking. Please also see these additional resources: