The Ecuadorian bank “Banco Bolivariano” was set up in 1979 and started its operations as a financial institution the following year, in March 1980. Starting in the 2000s, the bank extended its services to fund management, stock portfolio administration, bond debt structuring on the capital market and auxiliary services related to issuing and managing credit cards. It is currently the country’s 6th largest bank with nationwide coverage through its presence in 23 of the country’s 24 provinces, via 107 branches. It has 1,489 employees and focuses on financing the country’s productive sectors.
This operation aims to support growth in the bank’s loan portfolio, with a focus on the development of its lending activity to the agribusiness sector. It involves a USD 30m loan that will mainly be used to finance shrimp production and export companies. These are strategic sectors for Banco Bolivariano and are experiencing strong growth in the country. The shrimp sector has indeed become the country’s leading export sector.
Based on the average loan allocated to Ecuadorian companies by Banco Bolivariano, we estimate that PROPARCO’s operation could help finance some 200 additional companies. The project will also support employment for local communities:
- Banco Bolivariano currently has some 1,500 employees, 58% being women. The project should contribute to creating 500 additional direct jobs for a total of some 2,000 jobs by 2023. All employees follow mandatory training in banking activities and talent retention programs are set up.
- In addition, the project should support some 14,500 jobs in Banco Bolivariano’s client companies.
This information is given at the time of signature, without prejudice to any developments in the operation/project