Top List of Banks in Bolivia
Bolivia, officially known as the Plurinational State of Bolivia, is landlocked in central South America. It has an estimated population of 11 million people and is one of the poorest countries in the region. Its economy relies heavily on extracting natural gas, minerals, and hydrocarbons, which account for more than half of export earnings.
With the recent economic boom in Bolivia, many new banks have been established to accommodate its growing population. Here are some top banks to consider when you're traveling or just want to do some banking online:
Banco Nacional de Bolivia
The Banco Nacional de Bolivia is the Central Bank of Bolivia. It performs the role of a central bank and a commercial bank. Its functions as a central bank are: to formulate monetary policy and implement it, issue currency, collect information on the financial system and publish it, act as banker for the government, act as banker for other banks, hold deposits and make loans to other banks, and take actions in foreign exchange markets. As a commercial bank, it accepts deposits and makes loans.
The total assets of Banco Nacional de Bolivia were Bs. 18.71 billion (2014) and employs 2,033 people.
Banco Mercantil Santa Cruz
Banco Mercantil Santa Cruz is a regional bank that began operations in Bolivia in 1864. It currently has more than 200 branches (including three branches in La Paz, two branches in Cochabamba, and two branches in Santa Cruz) and more than 1,873 employees as of 2014. The services provided by Banco Mercantil Santa Cruz include personal banking, business banking, wealth management, and credit cards.
The bank’s total assets are valued at Bs. 21.62 billion (2014)
Banco BISA S.A.
Banco BISA S.A. is a Bolivian bank owned by Bolivian and Chilean investors. The bank's total assets in 2014 amounted toBs. 16.71 billion, it employs 2,033 people.
The bank provides a full range of services to more than 350 thousand clients through its corporate, commercial, and retail units. Services include commercial loans, project finance, infrastructure finance, trade finance, investment products, foreign exchange operations, and loans granted to microenterprises.
Banco de Crédito de Bolivia
Banco de Crédito de Bolivia (BCB) is a Bolivian financial institution founded in 1905 and is the oldest operating bank in Bolivia, based in Cochabamba. As of 2013, it had assets of Bs. 11.58 billion and 1,666 employees.
BCB offers the following products and services: personal loans, mortgage loans, consumer finance loans, credit cards (Mastercard), safe deposit boxes, checking accounts, savings accounts, and current accounts. BCB also offers an online banking service through its website.
Banco Economico
Banco Economico has total assets of BOB 451.7 million (2020) and more than 1,300 employees serving Banco Economico customers in Bolivia. In July 2009, it became the first Bolivian financial institution listed on the London Stock Exchange.
Banco Economico offers banking products and services to individuals and companies. The Bank provides savings and current accounts, credit cards, personal loans, mortgages, auto financing, leasing, safe deposit boxes, fund management, and investment products. Banco Economico serves customers throughout Bolivia.
Banco Ganadero
Banco Ganadero is a leading bank in Bolivia, serving both individuals and companies. The bank has total assets of $1.2 billion, 5,000 employees, and 200 branches.
Banco Ganadero offers a full range of services, including deposits, loans, mortgages, check to clear, and transaction accounts. It also provides investment banking services such as underwriting and asset management through its wholly-owned subsidiary Banco Ganadero International.
The bank was founded in 1907. Its headquarters are located in Santa Cruz de la Sierra.
Banco Union S.A.
Banco Union S.A. is a Bolivian commercial bank headquartered in La Paz, Bolivia. It is one of the largest banks in the country and has a network of branches nationwide. As of 2014, it had total assets of Bs. 18.71 billion and 899 total employees.
Banco Union offers full-service banking, including checking and savings accounts, investment services, consumer loans, credit cards, mortgages, and personal loans. The bank also provides financing for small businesses and corporations.
In addition to traditional banking services, Banco Union provides insurance products through its insurance agency, Vida Union S.A., which it wholly owns. The agency offers life insurance policies, auto coverage, and other health policies. The bank also has a brokerage subsidiary called Seguros Broker Union S.A., which is involved in insurance brokerage for large corporate clients. The Bank is rated B+ (Good) by Standard & Poor's Rating Services.
Banco Los Andes ProCredit
Banco Los Andes ProCredit S.A. is one of the leading MSE-oriented financial institutions in Bolivia, serving microenterprises and small and mid-sized enterprises since its foundation in 2005. The bank has been able to maintain a robust growth path since its foundation and has continuously expanded its services and product offerings to meet the needs of its clients.
Banco Los Andes ProCredit's total assets are EUR 6.0 billion (2016). With over 400 employees, the bank operates a network of 22 branches across Bolivia.
Banco Central de Bolivia
Banco Central de Bolivia total assets: Bs. 336 million (2014)
Employees: 2,033 (2014)
The Bank's principal tasks are to issue currency; control credit; supervise financial institutions and regulate their activities; promote economic development, design and implement exchange rate policy; conduct market research, and manage international reserves.
Bancosol
Bancosol is Bolivia's only independent microfinance institution (MFI), serving the poor and excluding investors. Bancosol has increased since its founding in 1991 by a group of Bolivian entrepreneurs primarily to help the poor; by 1997, it had already achieved self-sufficiency. In addition to providing small loans to the urban poor, Bancosol is also a catalyst for rural development, helping to create jobs and increase incomes in both rural and urban areas.
Today, Bolivia's leading microfinance institution has more than USD 2.1 billion worth of assets and 2,798 employees. The company provides financial services through 70 branches across the country.
FAQs
Q: What is the best bank in Bolivia?
A: Banco Mercantil Santa Cruz S.A.
Q: Is there a bank with a better interest rate on savings accounts?
A: Banco Mercantil Santa Cruz S.A.
Q: How about one that has better customer service?
A: Banco Mercantil Santa Cruz S.A.
Q: One with more branches or ATMs?
A: That would be Banco Mercantil Santa Cruz S.A.
Q: The one with the most modern Internet banking system?
A: You guessed it--Banco Mercantil Santa Cruz S.A.
