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BBVA Uruguay completes purchase of Crédit Uruguay Banco
- The transaction makes BBVA Uruguay the second-ranking private financial entity in that country
- In 2010, BBVA Uruguay’s loan portfolio grew 19%, with customer funds climbing 15%, while Crédit Uruguay Banco recorded a 9% rise in loans and an 18% increase in customer funds
The integration of Crédit Uruguay Banco into BBVA Uruguay will be finalized in April, after the corresponding authorization has been obtained from the Ministry of Economy and Finance. The operational integration of the two banks is expected to take place in April, making BBVA Uruguay the second-ranking private financial entity in the country by loans and customer funds.
At year-end 2010, Crédit Uruguay Banco had a loan portfolio of 12,436 million pesos, 9% more than in 2009. Customer funds were up 17.8% at 24,574 million pesos.
BBVA Uruguay reported lending growth of 19% in 2010 after granting loans for 8,458 million pesos, while customer funds were up 15.2%, with 18,293 million pesos brought in over the year.
BBVA Uruguay will strengthen and re-direct the strategy of the businesses it acquires from Crédit Uruguay Banco to focus on customer needs. The bank also aims to stay one step ahead in the new environment triggered by regulatory, economic and social change that will shape the banking industry in the 21st century.
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