Banco de Bogota, GNB Sudameris, and Bancolombia have been ranked in the top 25 best performing banks in Latin America, according to a recent study by America Economia, a magazine focused on business and finance in Latin America.
Banco de Bogota was ranked number 16, followed by new-entry GNB Sudameris at 24, and Bancolombia at 25.
Chilean Banco de Santander took the top spot for the sixth year in a row.
In addition to the three Colombian banks on the list, there were six Chilean banks, five Mexican, five Brazilian, four Peruvian, one Uruguayan, and one Ecuadorean. According to the report, the financial sector is growing in Latin America, which has weathered the global financial crisis much better than other regions.
“Unlike the rest of the world, in Latin America, the crisis was not a financial crisis,” said Pamela Cox, a World Bank representative for Latin America and the Caribbean.
In fact, in the fiscal year ending on June 31, 2010, assets from the top 250 banks in Latin America were reported 14% higher than they were during the same period last year.
Each year, America Economia studies the 250 largest financial institutions in Latin America by examining their balance sheets and income statements, and issues a list of the strongest 25.