Banco del Pichincha
Encyclopedia
The Banco del Pichincha (also Banco Pichincha) is the largest private bank in Ecuador, by capitalization and by number of depositors. It is the primary bank of the Pichincha Group (Grupo Pichincha), a business group that includes the companies associated with the bank and businesses related to Fidel Egas Grijalva and his family, which include Diners Club
of Ecuador, Picaval, Teleamazonas
, and Delta Publicidad.
The bank has 1.8 million customers in Ecuador, $4.5 billion in assets and $4 billion in deposits, as well as more than 200 branches in the country. Banco Pichincha has a subsidiary in Peru, Banco Financiero Perú, in Colombia, Banco Pichincha (before known as "Inversora Pichincha", and another in Panama, Banco Pichincha Panamá. It also has an agency in Miami, and eight representative offices in Spain, including two each in Madrid, Barcelona, Murcia, and Communidad Valenciana. It has just received regulatory approval to convert its network of offices in Spain into a commercial bank, the first Spanish commercial bank from Latin America. It has applied to the regulators in Colombia for permission to convert its commercial lending operation in that country, Inversora Pichincha, into a commercial bank.
for modernizing its information systems and improving efficiency. As a part of this agreement, Tata hired most of Banco Pichincha's systems staff.
In 1986, the bank established an agency in Miami, Florida.
Since 1996, the bank has had a strategic alliance with Banco de Loja (est. 1967), to provide Banco Pichincha's clients coverage in southern Ecuador.
The next year, it acquired Banco Financiero de Perú, which had been established in 1964 as a company specializing in construction financing, but which had become a full commercial bank in 1982. In 2001, Banco Financiero acquired NBK Bank, in Peru.
In 2004, the bank established Banco Pichincha Panamá, which initially was based in Nassau, in the Bahamas, but which moved its headoffice to Panama.
In 2001, ABN AMRO
sold the Ecuadorian operation it had inherited from its acquisition of Hollandsche Bank-Unie
to Banco Pichincha.
Pichincha first arrived in Spain in 2007, where it now operates a network of nine customer-service centers mainly focused on attending to the more than 750,000 Ecuadorians who live in Spain. In 2010 it received permission from Banco de España to establish a commercial bank. Pichincha plans to convert its customer service centers to branches, commencing with those in Madrid, and eventually to open another 20 branches over the next four years.
In 2009, Pichincha acquired AIG's
operations in Colombia. These included the commercial lender, Inversora Pichincha.
Diners Club
Diners Club International, founded as Diners Club, is a charge card company formed in 1950 by Frank X. McNamara, Ralph Schneider and Matty Simmons...
of Ecuador, Picaval, Teleamazonas
Teleamazonas
Teleamazonas is a television channel in Ecuador. Since the start of their transmissions, on February 22 of 1974, the channel is one of the major television networks of Ecuador.It broadcasts on channel 4 to Quito and channel 5 to Guayaquil...
, and Delta Publicidad.
The bank has 1.8 million customers in Ecuador, $4.5 billion in assets and $4 billion in deposits, as well as more than 200 branches in the country. Banco Pichincha has a subsidiary in Peru, Banco Financiero Perú, in Colombia, Banco Pichincha (before known as "Inversora Pichincha", and another in Panama, Banco Pichincha Panamá. It also has an agency in Miami, and eight representative offices in Spain, including two each in Madrid, Barcelona, Murcia, and Communidad Valenciana. It has just received regulatory approval to convert its network of offices in Spain into a commercial bank, the first Spanish commercial bank from Latin America. It has applied to the regulators in Colombia for permission to convert its commercial lending operation in that country, Inversora Pichincha, into a commercial bank.
Systems
The bank's electronic transactions are done using the INTERNEXO system, which replaced the TODO1 system. In January 2007, the bank signed a $140 million, 5-year contract with Tata Consultancy ServicesTata Consultancy Services
Tata Consultancy Services Limited is a global IT services, business solutions and outsourcing company headquartered in Mumbai, India. It is the largest provider of information technology in Asia and second largest provider of business process outsourcing services in India...
for modernizing its information systems and improving efficiency. As a part of this agreement, Tata hired most of Banco Pichincha's systems staff.
History
Banco Pichincha was established on 11 April 1906. Its first directors were Manuel Jijón Larrea (founding president), Manuel Freile Donoso and Ignacio Fernández Salvador (founding managers). Although it was a bank of note issue (the first issue, for one million sucres took place in February of 1907), it focused on stockbroking.In 1986, the bank established an agency in Miami, Florida.
Since 1996, the bank has had a strategic alliance with Banco de Loja (est. 1967), to provide Banco Pichincha's clients coverage in southern Ecuador.
The next year, it acquired Banco Financiero de Perú, which had been established in 1964 as a company specializing in construction financing, but which had become a full commercial bank in 1982. In 2001, Banco Financiero acquired NBK Bank, in Peru.
In 2004, the bank established Banco Pichincha Panamá, which initially was based in Nassau, in the Bahamas, but which moved its headoffice to Panama.
In 2001, ABN AMRO
ABN AMRO
ABN AMRO Bank N.V. is a Dutch state-owned bank with headquarters in Amsterdam. It was re-established, in its current form, in 2009 following the acquisition and break up of ABN AMRO Group by a banking consortium consisting of Royal Bank of Scotland Group, Santander and Fortis...
sold the Ecuadorian operation it had inherited from its acquisition of Hollandsche Bank-Unie
Hollandsche Bank-Unie
Hollandsche Bank-Unie was a second-tier domestic bank in the Netherlands which was absorbed by Deutsche Bank in 2010, but one with a fascinating international history.-Establishment:...
to Banco Pichincha.
Pichincha first arrived in Spain in 2007, where it now operates a network of nine customer-service centers mainly focused on attending to the more than 750,000 Ecuadorians who live in Spain. In 2010 it received permission from Banco de España to establish a commercial bank. Pichincha plans to convert its customer service centers to branches, commencing with those in Madrid, and eventually to open another 20 branches over the next four years.
In 2009, Pichincha acquired AIG's
American International Group
American International Group, Inc. or AIG is an American multinational insurance corporation. Its corporate headquarters is located in the American International Building in New York City. The British headquarters office is on Fenchurch Street in London, continental Europe operations are based in...
operations in Colombia. These included the commercial lender, Inversora Pichincha.