Ecuador - Banking SystemsEcuador – Banking
Ecuador’s financial system has operated under the supervision of the Superintendent of Banks and Insurance Companies (Superintendencia de Bancos y Seguros) since 1927.
The financial system is comprised of many highly-sophisticated institutions with state-of-the-art technology, including: four large banks (Pichincha, Guayaquil, Produbanco and Pacífico), nine medium-sized banks (Bolivariano, Internacional, Austro, Citibank, General Rumiñahui, Machala, Loja, Solidario y Procredit), nine small banks, and one international bank (Citibank). (Note: size is measured according to the bank’s assets).
The Deposit Insurance Corporation (COSEDE) provides deposit insurance and guarantees the safety of deposits in Ecuadorian banks, currently up to $32,000.