According to information from the Superintendency of Banks (SIB), in 1999 there were 38 banks operating in the country, dropping to 18 in 2010. In contrast, sector earnings rose 1736.7%.
Bankers and financial analysts agree today that the financial system is stronger.
Journalist Fernando Quinonez, from Sigloxx1.com, on his article reports statements from the CEO of G & T Continental Bank and former president of Banco de Guatemala (Banguat), Federico Linares, "...the country will continue to operate with the same number of banks, the sector has been very demanding in lending, remember that only about 5 years ago it was enough for individuals to only have a guarantee in order to get a loan, but now, in addition, we analyze payment capabilities."
Fitch Ratings notes that the Guatemalan banking system reports one of the lowest rates of delinquency in the region.
From the report 'Panorama of Guatemalan Banks' by Fitch Ratings:
Local Majority Banking System: The largest banks (70% of loans in the system) belong to local shareholders. At the same time, foreign-owned banks increased their share after Bancolombia acquired the controlling stake in Banco Agromercantil de Guatemala, S.A. (BAM).
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