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Ecuador's Financial System Topic 22 - Coggle Diagram
Ecuador's Financial System Topic 22
Between the year 1999 and 2000, the guarantee system for public deposits in
financial institutions was very incipient. For this reason, when the financial crisis
occurred in Ecuador and the credit was given to private banks, through public
institutions
Before the crisis of 1999, the financial centers were located in Guayaquil, today
they have moved mostly to Quito. The public banks remained unchanged. The
ones that grew were the cooperatives.
At the end of the first decade of the
21st century, the Pichincha Bank is
the most powerful institution in the
country with the largest asset
deposits and assets. They are
followed by the Guayaquil Bank,
Produbanco and Pacific Bank. As for cooperatives, the geographical distribution
is more homogeneous in the provinces, both coastal and mountain. However,
there is some more concentration in the Pichincha.
THE FINANCIAL SYSTEM IN ECUADOR
Traditionally, banks have taken over the
money from the public in exchange for an
interest. Due to the advance of commercial
operations and technology, the banking
sector has expanded to more complex
operations such as foreign currency exchange, equity investments of companies,
payments for collections, money transfers and virtual transfers.