“WE ARE AN ECUADORIAN INSTITUTION that helps reduce poverty and improve the living conditions of less favored segments of the population by meeting their needs for high quality, innovative financial services. We reward the trust of our depositors, investors, shareholders, and collaborators with ... Read more
“WE ARE AN ECUADORIAN INSTITUTION that helps reduce poverty and improve the living conditions of less favored segments of the population by meeting their needs for high quality, innovative financial services. We reward the trust of our depositors, investors, shareholders, and collaborators with financial, social, and environmental profitability that is the result of competitive management by an upright, responsible, supportive, and enthusiastic team, whom adopt these principles as part of their life mission.” Hide
Background and Main Challenges:
Banco Solidario was created with a misssion to reduce poverty and a goal to be a LEADER in the provision of financial services with a social mission.
Banco Solidario´s primary challenges and achievements include:
- During the year 2011, Banco Solidario fulfilled its main strategic objective ... Read more
Banco Solidario was created with a misssion to reduce poverty and a goal to be a LEADER in the provision of financial services with a social mission.
Banco Solidario´s primary challenges and achievements include:
- During the year 2011, Banco Solidario fulfilled its main strategic objective and ended the year with adequate liquidity.
- In 2011, Banco Solidario´s risk rating improved, from an “A+” to “AA-“, based on a risk rating by Pacific Credit Rating, with financial information as per March 2011.
- To continue providing and improving quality services.
- Maintain the value of the business over the long term, through the provision of a high-quality, financially viable service to Ecuador´s economically disenfranchised populations.
-Reduce credit risk and maintain acceptable levels of risk by industry standards.
- Strengthen the focus of management on social responsability and the environment.
- The first securitization was placed on April 2.010 for US$60 million and the second microcredit portfolio securitization was rated AAA for US$33 million.
-Costumer service and other client oriented strategies were analyzed along with the company Team Builders. The objective of this analysis considers constants and recurrent measures of service quality, in order to fullfil the concept “Creciendo Juntos” (Growing together)
-The Bank obtained from SPI (Social Performance Indicators Initiative) a high rate of 8.2 over 10 related with audit and social indicators.
-The Bank obtained from Smart Campaign the higher rate, 4.7 over 5, related with protection principles to the cliente. It is worth to mention that Banco Solidario S.A. is the first institution that counts with this kind of evaluation in our country.
-The Ford Foundation gives a recognition to Banco Solidario for participating on the initiative of prices transparency in Ecuador.
-A diagnosis was made by PricewaterhouseCoopers Asesores Gerenciales Ltda., of the best Corporate Government practices, where it was evidenced that Banco Solidario S.A. maintains a high accomplishment standard of corporate government practices. Hide
Banco Solidario's main clients are urban and rural microenterpreneurs, small businesses and individuals from low socioeconomic segments facing difficulties or restraints to access the traditional financial system.
MFI Report
