Banco Guayaquil S.A. (Ecuador)

Banco Guayaquil S.A. is a bank located in Guayaquil, Ecuador. It was incorporated on December 22nd of an unspecified year, initially known as Sociedad Anónima Banco Italiano. During World War II, Italy attempted to nationalize the bank, which was operating with Italian capital and administrators. On August 14th, a reform changed the bank's statutes and name to Banco Nacional del Ecuador. On September 24th, a new public deed renamed it Banco Guayaquil, and soon after, all its shares were purchased by Ecuadorian capitalists. The bank's capital at that time was S/.20'000.000. Over the years, the bank has increased its paid capital several times. In November of an unspecified year, it reached approximately 310 million sucres. On May 9th, the majority of Banco Guayaquil's shares were acquired by the group of shareholders of Financiera del Sur S.A., Finansur. The bank's new administration applied a modern banking approach, acquiring the most sophisticated computer equipment on the market and creating four basic divisions to develop its services: Corporate Banking, Personal Banking, Investment Banking, and the Visa BG Credit Card Division. On August 9th, taking advantage of recent reforms to the General Banking Law, Banco Guayaquil S.A. merged with Financiera del Sur S.A. Finansur, creating Banco Guayaquil S.A. with a paid capital of 8.2 billion sucres. Guillermo Lasso Mendoza, the former Executive President of Finansur, was appointed Executive Vice President and General Manager of Banco Guayaquil. The bank positioned itself as the first Multibank in Ecuador, offering all banking and financial services through a single organization. The bank's strategic planning program began, with objectives including continuous improvement of customer services and becoming a leading institution in the national banking system. Danilo Carrera Drouet is the Chairman of the Board, and Guillermo Lasso Mendoza is the Executive President of Banco de Guayaquil S.A. The bank merged with Banco Sociedad General and became one of the largest banks in the country. In April 2006, Banco Guayaquil improved its risk rating from AA+ to AAA-. Subsequent quarterly reviews by the Risk Rating Agency confirmed the AAA- rating, the highest rating awarded to national private banks. The bank opened its first Representative Office in Madrid, Spain. Banco Guayaquil established Banco Guayaquil Panama, a Panamanian bank with operations in Ecuador. The bank launched Banco del Barrio, a strategic alliance between small business entrepreneurs throughout Ecuador, aiming to offer banking services to Ecuadorians nationwide. The Inter-American Development Bank (IDB) awarded Banco del Barrio of Banco Guayaquil as the largest Financial Inclusion project in Latin America in the Beyond Banking Awards. Banco Guayaquil obtained a AAA risk rating, the best in the Ecuadorian banking industry, indicating a very strong financial situation and outstanding profitability. In compliance with the Law on Regulation and Control of Market Power, Banco Guayaquil completed the sale of all its subsidiaries: Administradora de Fondos BG, Casa de Valores Multivalores BG, and Río Guayas Cía. de Seguros y Reaseguros. Angelo Caputi Oyague assumed the Executive Presidency of Banco Guayaquil, replacing Guillermo Lasso Mendoza. The bank signed an agreement with the Ecuadorian Football Federation on May 2nd, certifying Banco Guayaquil as the sole sponsor of the Ecuadorian National Football Team for the next three years. On October 24th, Banco Guayaquil inaugurated its new headquarters building in Quito, the first building it constructed. On November 11th, the Visa Tricolor Credit Card was launched. Banco Guayaquil presented itself to the public with a renewed image, including a new logo, a new style and way of communicating, and a change in its name, eliminating the "de" to become Banco Guayaquil.