Overview of Banks in Uruguay
The Banco Central del Uruguay regulates and supervises all financial institutions and banks in Uruguay. It is also responsible for managing monetary, credit, and currency exchange in accordance with the law. Uruguay’s financial system is greatly dependent on banks, offshore banks, foreign banks, and representative offices that require permission from the central bank to operate within the country.
From a negative outlook on Uruguay’s banking system, Moody’s Investors Services revised it to stable, thanks to improving conditions in the credit sector and the local economy. It is expected that the strong performance of the agricultural sector and the economic growth of neighboring countries Brazil and Argentina will support the domestic banking system.
For anyone considering a career in banking in Uruguay, this list of top banks in Uruguay is a helpful guide on where to start. To learn more, see our list of financial institutions.
The top banks in Uruguay are:
Banco Santander Uruguay S.A.
Banco Santander Uruguay started its operations in 1978, providing a wide range of credit solutions to individuals and corporate clients through more than 30 branches. Headquartered in Montevideo. the bank operates a subsidiary of Banco Santander, a Spain-based group.
HSBC Bank (Uruguay) S.A.
HSBC, one of the world’s largest banking and financial services organizations, established its presence among banks in Uruguay in 1977 with headquarters in Montevideo. It used to be called National Bank of New York Uruguay S A. It operates as a subsidiary of HSBC Latin America Holdings (UK) Limited and offers a wide range of financial products and services that can be tailored based on customers’ needs.
Citibank N.A. Sucursal Uruguay
Citibank N.A. Sucursal Uruguay is a subsidiary of Citibank, National Association. The bank was formed in 1915 with headquarters in Montevideo. It provides banking services including risk management, credit, and Treasury services.
Banco de la República Oriental del Uruguay
State-owned bank Banco de la República Oriental del Uruguay, also called Banco República or BROU, is the largest of the banks in Uruguay by number of customers. Established in 1896, the bank currently plays a key role in the country’s financial market. When it opened in October 1896, the first deposit was made by Juan Idiarte Borda, the country’s president at the time. The bank’s headquarters is in Montevideo.
Banco Hipotecario del Uruguay
Banco Hipotecario del Uruguay, or Mortgage Bank of Uruguay, was founded in 1892 as an autonomous state entity. It is currently a state-owned bank and one of the banks in Uruguay that plays a major role in the country’s mortgage market.
Revenue: UYU 7.87 billion (2016)
Net income: UYU 615.32 million (2016)
Total assets: UYU 47.4 billion (2016)
Banque Heritage (Uruguay) S.A.
Based in Montevideo, Banque Heritage (Uruguay) S.A. was formed in 1981 and was formerly called Banco Surinvest S.A. before it changed its name in 2011. The bank is a subsidiary of HFT International (Guernsey) Lt. and provides private and commercial banking solutions, as well as long-term foreign and local currency issuance services.
Banco Bilbao Vizcaya Argentaria Uruguay S.A.
Banco Bilbao Vizcaya Argentaria Uruguay S.A. offers a wide range of banking solutions to individuals and companies in the country, specializing in wholesale banking. Established in 2002, the bank operates as a subsidiary of Banco Bilbao Vizcaya Argentaria, S.A. Its headquarters is in Montevideo.
Scotiabank Uruguay S.A.
Canadian financial group Scotiabank established operations in Uruguay in 2010 with Scotiabank Uruguay S.A. through a network of branches in Montevideo. In 2011, Scotiabank acquired Nuevo Banco Comercial S.A. (NBC), the fourth largest of the private banks in Uruguay in terms of loans and deposits, and Pronto!, the third largest consumer finance company.
The bank provides individual and corporate banking services, as well as investment services, online banking, special financing programs, foreign currency transactions, and international banking activities.
Discount Bank Latin America S.A.
Headquartered in Montevideo, Uruguay, Discount Bank (Overseas) Limited was established in 1958. It later adopted the name Discount Bank Latin America S.A. in 1977. It provides commercial banking services and operates as a subsidiary of The Bank of Nova Scotia as of November 2015.
Banco Itaú Uruguay S.A.
Headquartered in Montevideo, Banco Itaú Uruguay S.A. offers a wide range of wealth management and private banking services. It is a subsidiary of Itaú Unibanco Holding S.A., a Brazilian publicly quoted bank and the largest financial conglomerate in the southern hemisphere.
Careers in investment banking
To break into investment banking, there are several important things to focus on. These include networking, resume, experience, and financial modeling skills. To learn more, explore our interactive career map…. For banking careers, you will have a significant edge over the competition with our financial modeling courses.
This has been a guide to the top banks in Uruguay. For anyone looking for a career in banking, this list is a great place to start your networking. Please also see these additional resources: