Banking in Ecuador

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.^[1] 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.^[2]

In 1998, Ecuador's banks faced the worst financial crisis in the country's history.

Major banks

Main article: List of banks in Ecuador

The major banks today are the Banco Pichincha, Produbanco, Citibank and Banco de Guayaquil.

See also

• Economy of Ecuador
• Central Bank of Ecuador

References

1. Superintendencia de Bancos y Seguros : superban.gov.ec - Historia (archived version of http://www.superban.gov.ec/pages/1_historia1.htm)
2. "Diario Correo : diariocorreo.com.ec - Archivo del 2007/06/18". Archived from the original on 2009-04-17. Retrieved 2009-10-20.