Top List of Banks in Uruguay
The Uruguayan economy has been progressing well over the past few years, and the banking industry is no exception. The industry's growth is due to a boost in fresh produce exports, an improved fiscal situation, and lower inflation rates. There are various banks in Uruguay, each with characteristics that stand out from the rest. This article will give you an overview of some of the top banks in this country.
Banco Santander Uruguay S.A.
Banco Santander Uruguay S.A. is a Uruguayan bank owned by the Spanish group Banco Santander. It was formed in Madrid, Spain, in 1996 but operated separately from Banco Santander S.A. Banco Santander Uruguay S.A.'s total assets are US$5.42 billion. It has a network of 30 branches across the country and employs 220 staff as of 31 December 2017.
The Bank offers a broad range of products and services to its customers, including checking accounts, current accounts, fixed-term deposits, term deposits, credit cards, loan products for individuals/businesses/SMEs/mortgages (incl. consumer financing), leasing services, foreign exchange services, life insurance policies to bank clients through the Santander insurance agency and pension funds management.
Banco Itaú Uruguay
Banco Itaú Uruguay, part of the Itaú Unibanco Holding SA, is Uruguay's largest bank. As of 2017, Banco Itaú Uruguay had total assets of US$4.5 billion and 315 employees. The bank operates over 24 branches throughout the country and offers a full range of services to individuals and companies.
Itaú Uruguay offers services to individuals and companies. Those services include savings and checking accounts, credit cards, insurance, loans for vehicles and mortgages, investment funds, professionals, financial consulting, and leasing.
HSBC Bank (Uruguay) S.A.
HSBC Bank (Uruguay) S.A.'s total assets amounted to $1,404 million in December 2020. HSBC Bank (Uruguay) S.A. has around 1,488 employees in Uruguay.
The company’s product portfolio includes: time deposits, savings accounts, demand deposits, checking accounts; lending products as well as mortgages; insurance products such as life insurance, annuities, and property insurance; credit cards; investment products such as mutual funds and managed portfolios; foreign exchange trading; other services include cash management, custodial services, corporate finance advisory services, and asset management.
Citibank N.A. Sucursal Uruguay
The website of Citibank N.A. Sucursal Uruguay is citi.com.uy. It was founded in 1989. Citibank N.A. Sucursal Uruguay's total assets are $1,139 million. Employees are over 330 persons and services are Asset Management, Banking, Bonds, Capital Markets, Cash Management Services, Commercial Banking, Corporate Finance, Derivatives, Emerging Markets, Equity Trading, Foreign Exchange, Futures Trading, International Banking, Investment Banking, Investment Management, Mortgage Loans, Mortgages, Online Banking, Options Trading.
Banco de la República Oriental del Uruguay
Banco de la República Oriental del Uruguay is a commercial bank owned by the Uruguayan state, responsible for its management. The total assets of the bank exceed US$16.46 billion, and it has over 4,086 employees.
The bank was established in 1896 as the Banco de la República Oriental del Uruguay. It offers personal banking products such as credit cards, loans, savings (current accounts, savings accounts, term deposits), insurance policies, and investment funds; commercial banking services comprising corporate finance and treasury operations; and investment banking services including global markets trading, retail banking, private banking, and asset management.
Banco Hipotecario del Uruguay
Banco Hipotecario del Uruguay is a Uruguayan financial services company headquartered in Montevideo. The company was founded on November 1, 1868. Banco Hipotecario del Uruguay has total assets of US$1.9 and employs 750 employees.
Banco Hipotecario del Uruguay's services include banking, mortgage loans, credit cards, social security fund management, insurance brokerage, and financial consulting.
Banque Heritage (Uruguay) S.A.
The Banque Heritage (Uruguay) S.A. offers retail banking services. The company provides personal and business current accounts, credit cards, loans, mortgages, investments, and insurance and real estate brokerage services. It serves individuals and companies in Uruguay. The company was founded in 2006 and is based in Montevideo, Uruguay, with branches in Punta del Este, Uruguay, and Buenos Aires, Argentina.
As of 31 December 2017, the Banque Heritage (Uruguay) S.A.'s total assets were USD 1,099 million and had 200 total employees.
Banco Bilbao Vizcaya Argentaria (BBVA) Uruguay
Banco Bilbao Vizcaya Argentaria (BBVA) Uruguay is a commercial bank that offers financial products and services to corporate and individual customers. The Bank's range of services includes deposits, savings, investment plans, consumer credit, credit cards, mortgages, letters of credit, checkbooks, and electronic banking services. Banco Bilbao Vizcaya Argentaria (BBVA) Uruguay's headquarters is located in Montevideo, Uruguay.
Total Assets: US$ 3.39 billion
Scotiabank Uruguay S.A.
Scotiabank Uruguay S.A. is a full-service bank located in Montevideo, Uruguay. Its main activities are commercial and investment banking, treasury, trade finance, and securities brokerage. It serves the needs of individual and corporate clients through its network of branches across the country. The Bank also provides pension fund administration services and insurance products through a subsidiary.
Scotiabank Uruguay S.A., part of Scotiabank Group since 1991, total assets at US$ 3.12, employs over 720 people and has a network of 38 branches throughout Uruguay.
Deutsche Bank, Uruguay Branch Office
Deutsche Bank AG, Uruguay Branch Office is a branch office of Deutsche Bank AG. The main office of this branch is in Montevideo.
Total assets: 1.3 trillion euros(as of December 31, 2020)
Employees: 84,659 (as of December 31, 2020)
Deutsche Bank offers a wide range of financial products and services, including corporate finance, securities trading, foreign exchange trading, and structured products to institutional clients, including pension funds, insurance companies, mutual funds, and corporations based in Uruguay or operating within the region.
Barclays Bank, Montevideo Branch
Barclays Bank, Montevideo Branch is an Uruguayan subsidiary of Barclays Bank PLC, and it is the oldest bank in Uruguay. It has been operating uninterruptedly in the country since 1864.
Total assets: $44 million
Total employees: 25
Services offered: Checking accounts, savings accounts, online banking, credit cards, mortgages, car loans, student loans, brokerage services.
Q: Can foreigners open a bank account in Uruguay?
A: Yes, foreigners can open a bank account in Uruguay. The main requirements are:
Proof of identity (passport)
Proof of address (driver's license or utility bill)
Proof of residence in Uruguay (rental contract, tourist visa, etc.)
Minimum initial deposit (usually around US$200).