The Global Finance magazine published the “Best Emerging Market Banks in Latin America” for 2009Â in the May issue.This is the sixteenth year the magazine has ranked the top banks in the emerging markets.
These top-performing banks were selected based on the following factors:
- Growth in assets
- Profitability
- Strategic relationships
- Customer service
- Competitive pricing
- Innovative products
Releasing the list, Joseph Giarraputo, publisher of Global Finance said “We are in a unusually challenging environment for banks and their customers.More than ever, customers are demanding superior competence from their banking partners. These are the banks best providing that competence.â€
The following table shows the top banks for 22 countries in Latin America. If the bank is listed the US markets, the ticker is included.
[TABLE=153]
Source: Global Finance Magazine
Banco Macro of Argentina(BMA) has more than tripled since the March lows.Currently it has an yield of 5.21%. Brazil-based Itau Unibanco (ITUB) was formed by the merger of Banco Itau Holding Financeira SA and Unibanco. Itau Unibanco is one of the largest private-sectors in Brazil. Itau Unibanco is one of the few foreign banks that pay a small monthly dividend. ITUB competes with the other large private-sector  bank Banco Bradesco (BBD).
Banco Santander-Chile(SAN)Â operates a network of 477 branches countrywide. The current yield is 4.74%. Bancolombia SA(CIB)’s dividend yield is 3.13%. In addition to 717 branches in Colombia, the bank has operations in El Salvador, the United States, the Cayman Islands, the British Virgin Islands, Panama, Peru and Puerto Rico. Bancolombia is part of Grupo Bancolombia which has many entities in the financial sector in Colombia.
Scotiabank Jamaica and Scotiabank Costa Rica are subsidiaries of the Canadian bank Bank of Nova Scotia (BNS). BBVA Banco Continental & BBVA Banco Provincial are group companies of the Spanish banking giant Banco Bilbao Vizcaya Argentaria, S.A. (BBV) and Banco Santander Uruguay and Banco Santander Puerto Rico are subsidiaries of Spain-based Banco Santander group.Banamex, a subsidiary of Citibank, is Mexico’s second largest bank with 1,233 branches.
