Banking in Ecuador
Encyclopedia
Banking in Ecuador has a long history. At the time of the dissolution of Gran Colombia
and its formation as a republic, Ecuador
's economy was generally not monetized; gold and silver coins were circulated, and were brought into common use by successive currency laws. Little by little, with the growth of the nation, Ecuadorian banking also grew and was particularly centered on the city of Guayaquil
. After the Liberal Revolution
came a period called the Banking Plutocracy (Plutocracia bancaria) that was dominated by private banking, especially by the Commercial and Agricultural Bank of Guayaquil (Banco Comercial y Agrícola de Guayaquil). This period ended with the July Revolution
(Revolución Juliana) of 1925.
In 1998, Ecuador's banks faced the worst financial crisis in the country's history
.
The major banks today are the Banco del Pichincha
, Produbanco
, and Banco de Guayaquil .
Gran Colombia
Gran Colombia is a name used today for the state that encompassed much of northern South America and part of southern Central America from 1819 to 1831. This short-lived republic included the territories of present-day Colombia, Venezuela, Ecuador, Panama, northern Peru and northwest Brazil. The...
and its formation as a republic, Ecuador
Ecuador
Ecuador , officially the Republic of Ecuador is a representative democratic republic in South America, bordered by Colombia on the north, Peru on the east and south, and by the Pacific Ocean to the west. It is one of only two countries in South America, along with Chile, that do not have a border...
's economy was generally not monetized; gold and silver coins were circulated, and were brought into common use by successive currency laws. Little by little, with the growth of the nation, Ecuadorian banking also grew and was particularly centered on the city of Guayaquil
Guayaquil
Guayaquil , officially Santiago de Guayaquil , is the largest and the most populous city in Ecuador,with about 2.3 million inhabitants in the city and nearly 3.1 million in the metropolitan area, as well as that nation's main port...
. After the Liberal Revolution
The History of Ecuador: Rule of the Liberals
This is a summary of the history of Ecuador from 1895-1925. Eloy Alfaro is the outstanding standard-bearer for Ecuador's Liberals, much as Gabriel García Moreno is for the Conservatives...
came a period called the Banking Plutocracy (Plutocracia bancaria) that was dominated by private banking, especially by the Commercial and Agricultural Bank of Guayaquil (Banco Comercial y Agrícola de Guayaquil). This period ended with the July Revolution
The History of Ecuador: Rule of the Liberals
This is a summary of the history of Ecuador from 1895-1925. Eloy Alfaro is the outstanding standard-bearer for Ecuador's Liberals, much as Gabriel García Moreno is for the Conservatives...
(Revolución Juliana) of 1925.
In 1998, Ecuador's banks faced the worst financial crisis in the country's history
1998-99 Ecuador banking crisis
The 1998–99 Ecuador banking crisis resulted in about 70% of the country's financial institutions closing. In 1999 economic activity decreased by 7-8% and the currency depreciated by 195%. Per-capita income in US dollar terms plummeted by 32% during the year. Unemployment increased from 9% to 17%...
.
The major banks today are the Banco del Pichincha
Banco del Pichincha
The Banco del Pichincha is the largest private bank in Ecuador, by capitalization and by number of depositors. It is the primary bank of the Pichincha Group , a business group that includes the companies associated with the bank and businesses related to Fidel Egas Grijalva and his family, which...
, Produbanco
Produbanco
Banco de la Producción S.A., better known as Produbanco, is an Ecuadorian bank. It is the head of the Grupo Financiero Producción. The bank began operations in November 1978....
, and Banco de Guayaquil .