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Finance
Area of activity: Bank
Deposits: $1380 million USD (2009)
Produbanco Financial Group (GFP) provides
quality services the financial needs of all their
customers. A strong business ethics and efficien-
cy are central principles of this bank.
The GFP wants to be recognized by society for
the strength of their performance and for support-
ing economic development through safe and ef-
ficient financial management.
The rationale of Produbanco Financial Group is to
meet all financial needs of its customers, seeking
excellence in service. The PFG generates attrac-
tive returns for shareholders, decent jobs for their
employees and consistently supports the com-
munity.
Produbanco Financial Group is within the top 5
largest financial groups in Ecuador. As a bank,
they rank fourth in terms of deposits held. It is
recognized as an elite bank because they target
companies (60% of its business), managing very
important corporate clients focusing on SME’s.
They also offer a sophisticated online banking
service. In recent years, the bank gained numer-
ous awards in magazines such as The Banker
and Management. It has a subsidiary in Panama
called Produbank. They employ 2,300 people in
the group and its assets consist of $ 2300 million
loans, $ 950 million deposits and $ 12 million of
earnings.
“Because of the group of companies we manage,
we see that Ecuador has great business poten-
tial and that in Produbanco we have international
projects with business groups, thanks to our well
prepared professionals”.
Oscar Iñarrea
Marketing Manager of Produbanco
SUPERINTENDENCIA DE BANCOS Y SEGUROS
Pedro Solines Chacón
President
Av. 12 de Octubre 1561 andMadrid, Quito
Tel: +593 2 255 42 25
www. superban.gov.ec
Area of activity: Bank and Insurance supervision institution
Date of creation: 1914
After gaining independence in 1830, Ecuador had a
date and backward economy where gold and silver coin
circulated until currency laws were brought in.
In 1914 a supervisory authority for banks was created
by executive decree. The Tax Commissioner of Banks
was created to oversee the issuance and redemption
of bank notes.
Inspired by the Kemmerer mission, a transformation
of the banking and financial sector took place in 1927
forming considerable legislation. The Organic Law
of Banks, the Organic Mortgage Bank Law (National
Development Bank) and the Central Bank Law all
strengthened the system and regulated the manage-
ment of public finances.
Since then, the supervision of banks through the cre-
ation of the superintendent of banks was established on
September 6, 1927.
Its objectives are to:
Main building of the banks and insurances control institution