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.
In April 2021, Moody’s Investors Services revised it from negative to stable, thanks to recovering profitability and high reserves and capital that a recovering economy in 2021-2022 will have on asset quality and profitability of local banks, despite high inflation and unemployment.
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 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 the number of customers. Established in 1896, the bank currently plays a key role in the country’s financial market.
When BROU 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 and they EMPLOY around 3,978 individuals.
Net income: UYU 17.62 billion (2019)
Total assets: UYU 649.09 billion (2019)
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, it employs around 220 staff. 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 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.
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.
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: