Banking in Ecuador

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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]

Gran Colombia Former republic

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. The state included the territories of present-day Colombia, Ecuador, Panama, Venezuela, and parts of northern Peru, western Guyana and northwestern Brazil. The term Gran Colombia is used historiographically to distinguish it from the current Republic of Colombia, which is also the official name of the former state.

Ecuador Republic in South America

Ecuador, officially the Republic of Ecuador, is a country in northwestern South America, bordered by Colombia on the north, Peru on the east and south, and the Pacific Ocean to the west. Ecuador also includes the Galápagos Islands in the Pacific, about 1,000 kilometres (620 mi) west of the mainland. The capital city is Quito and the largest city as well.

Guayaquil City in Guayas, Ecuador

Guayaquil, officially Santiago de Guayaquil, is the most populous city in Ecuador, with 2,578,201 people in the metropolitan area. It is also the nation's main port. The city is the capital of Guayas Province and the seat of Guayaquil canton.

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

Major banks

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

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See also

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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.