The banking system in Ecuador includes four major private banks, nine mid-sized banks and nine small banks. The four largest banks hold about US$25 billion in total assets. Ecuador is one of the Latin American countries, along with Panama and El Salvador, which adopted the U.S. dollar as the country’s official currency. U.S. citizens do not require a visa prior to visit Ecuador for a stay of 90 days or less. Most Ecuadorian banks have established correspondent relationships with U.S. banks. The country's financial sector is regulated by the Central Bank of Ecuador which was founded on August 10, 1927.
Headquartered in Quito, Banco Pichincha is the largest bank in Ecuador by total assets, deposits, loans, and number of employees and branches. Founded in 1906, it provides a diverse range of banking products and services to about 2.1 million clients through 270 branches, internet banking, call center and interaction on social networks including Twitter and Facebook. The company employs about 5,200 people (65% women and 35% men) and serves individuals, corporations, small and micro-enterprises and legal persons. It also has branches and representative offices in Peru, Colombia, Panama and Spain as well as agency in Miami, United States. Peru is a strategic market for Pichincha Group. Fidel Egas Grijalva is lifetime honorary Chairman at Banco Pichincha. As of December 31, 2018, Banco Pichincha had total assets of US$10.7 billion and net credit portfolio of US$6.4 billion. It operates as a subsidiary of Grupo Financiero Pichincha, Ecuador's largest financial group.
Banco del Pacifico
Banco del Pacifico S.A. is the second largest bank in Ecuador in terms of total assets. It is a state-owned financial institution providing banking products and services to personal and business customers. The company was founded in 1972 by Marcel J. Laniado and currently employs about 3,300 people. Banco del Pacifico was the first bank in South America to introduce ATMs. The company has branches in Panama and Miami through Almagro, Banco del Pacífico (Panamá) S.A. and Pacific card. As of March 31, 2019, Banco del Pacifico had total assets of US$5.8 billion and total loans of US$3.7 billion.
Banco de la Producción S.A. (also known as Produbanco) is the third largest Ecuadorian bank by assets. Incorporated in 1978 and based in Quito, it provides a wide array of products and services including bank accounts, personal and auto loans, mortgages, credit cards, business loans, investments, SME banking, cash management, trade services, private banking, online banking and payment services, among others. It serves over 700,000 clients through a network of more than 100 branches, 300 ATMs and 1,470 kiosks. The Bank has total assets of US$4.4 billion and credit portfolio of US$2.7 billion. The company operates as a subsidiary of Promerica Financial Corporation (or Grupo Promerica), an important regional financial group with 2 million customers, 12,400 employees and operations in nine Latin American countries including Panama, Ecuador, the Dominican Republic, Guatemala, Nicaragua, Costa Rica, Cayman Islands, Honduras and El Salvador. Terrabank N.A., based in Miami, Florida USA, is an affiliate bank of Promerica Group.
Banco de Guayaquil
Banco Guayaquil S.A. is the fourth biggest private bank in Ecuador. It serves more than 700,000 customers and offers a comprehensive range of products and services including retail, corporate, private, transaction and online banking. The company was founded on December 20, 1923 and is headquartered in Guayaquil. As of September 30, 2018, Banco de Guayaquil had US$4.112 billion in total assets and US$2.628 billion in net loans.
Established in 1973, Banco Internacional S.A. is a private financial institution with more than 500,000 customers and 90 service points nationwide. With over 1,300 employees, it has a presence in 18 provinces and 30 cities across Ecuador. The company operates as a subsidiary of Spanish Fierro Group (Grupo Iberoamericano de Fomento or IF Group). As of March 31, 2019, the Bank’s total assets and loans amounted to US$3.6 billion US$2.25 billion, respectively.
Banco Bolivariano is the sixth largest bank in Ecuador with about 1,500 full-time employees and a client base of over 500,000. It provides a wide array of financial products and services for individual and corporate customers including deposits and lending products, credit and debit cards, mortgages, investments, foreign exchange, treasury services, internet banking and more. The company was established in 1979 and is located in Guayaquil. Banco Bolivariano’s total assets amounted to US$3.166 billion as at 30 September 2018.
Banco del Austro
Banco del Austro is a private Ecuadorian bank headquartered in Cuenca. It serves customers through over 90 branches and 200 automated teller machines across the nation. It continues to enjoy strong credit rating of AA from Pacific Credit Rating agency. As of September 2018, Banco del Austro had total assets of US$1.678 billion and credit portfolio of US$0.908 billion.
Banco Solidario S.A. (previously Estrategia Financiera) offers micro financing to small business, enterprises and family owned businesses. It provides micro-credits, savings, personal and home improvement loans, insurance solutions and other services in the main cities of the country. Established in 1995, Solidario is the first bank in the country with a social rating (A).
Banco General Rumiñahui
Banco General Rumiñahui is one of the ten largest banks in the nation. It was established in 1988 to provide quality financial solutions for Armed Forces of Ecuador. The company offers various products and services to the employees of the armed forces and middle-sized companies. As of September 2018, it reported total assets of US$803.2 million and net loans of US$517 million.
Banco de Machala
Banco de Machala SA provides personal and corporate banking products through over 50 branches and agencies nationwide. It offers consumer and auto loans, mortgages, business loans, credit cards, SME banking, foreign trade, investments, collections and automatic payments and other services. The company was established in 1962 and is headquartered in a city Machala, the fourth-biggest city in Ecuador and capital of the El Oro province, one of the world's major exporters of bananas.
Citibank Ecuador is an innovative financial institution providing a range of banking products and services through two branches in Quito and Guayaquil. Citi is the only international bank in Ecuador. It employs over 100 people and serves customers throughout the whole nation. Citigroup has been present in Ecuador since 1960.
Foreign Banks in Ecuador
Here is a list of international banks in Ecuador. Citi is the only foreign bank operating in the country.
Citibank, N.A. Sucursal Ecuador (or Citibank Ecuador)
Address: Av. Republica Del Salvador
N36-230 Y Naciones Unidas, Quito
Tel: 593 2 393 8999
ABN AMRO Bank NV (Ecuador)
The Netherlands-based ABN AMRO sold its Ecuadorian business (including six branches) to Banco del Pichincha in 2001.
The British Lloyds Banking Group plc sold its operations in Ecuador to Banco Pichincha in 2010. The local Lloyds Bank was founded in 1913 in Guayaquil and was the first foreign bank in Ecuador. With headquarters in Quito, it employed about 100 people.