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Posted on February 18, 2021 | Updated at 11AM

FinDev Canada supports leading Ecuadorian Financial Institution Produbanco

Produbanco virtual signing ceremony FinDev Canada


MONTREAL - February 2021 - FinDev Canada announced a loan of USD 10 million to Produbanco, a leading Ecuadorian financial institution, to facilitate the financing of SMEs, with a focus on green business and energy-efficiency projects.  

Founded in 1978, Produbanco is the third largest private commercial bank in Ecuador, with an asset base of US$5.5 billion for Dec 2020, showing an annual average growth rate of 8.34% for the last 5 years; focused on consumer, SME, middle market and corporate banking. In March 2014, Promerica Financial Corporation (Promerica or PFC) acquired a majority stake in Produbanco, Promerica is one of Central America’s largest financial conglomerates with operations in eight countries in addition to Ecuador. Produbanco offers green credit lines to companies through its “Green Loans” product line. As of December 2020, Produbanco has lent USD 218 million in Green Loans, representing 1.73% of their total portfolio (2.90% of commercial portfolio), a testament of their commitment to providing innovative services to their customers and to sustainability.  

In addition to general financing for SMEs that will support thousands of local jobs, this loan will also help companies enhance their environmental and sustainability practices through direct financing of projects with environmental & social impacts, initiatives that will improve efficiency and operative performance in each customer, looking to reduce carbon emissions and increase sustainable production.  

“Produbanco and its operations present many exciting opportunities for sustainable growth” said Paulo Martelli, VP and Chief Investment Officer at FinDev Canada, “Working with an institution with an established track record, and a focus on facilitating ethical and environmentally sound practices of local businesses, is exactly what FinDev Canada is all about.” 

 “As one of the most relevant institutions in Ecuador and being the largest bank within Promerica Financial Corporation (present in 7 countries through Central America), we understand our responsibility with the environment and we have assumed an active role in the market, not only funding projects and initiatives, but looking for articulate stakeholders through sustainability principles, listening and transmitting ideas and criteria from customers, suppliers, competence up to regulators in order to create a sustainable ecosystem. We share this vision with FinDev Canada, and we are happy to work together with this purpose” said José Ricaurte Vice-president of Retail Banking from Produbanco.   


Local Market Development 

Considering general terms in the agreement, FinDev Canada’s loan will contribute to the local economy in Ecuador, by creating and sustaining thousands of high-quality jobs. Ensuring local SMEs have the capital needed to continue its operations and also contribute to growing local value chains and to GDP.    


Environmentally Conscious Credit Lines 

Since 2016, Produbanco’s Green Loans have resulted in 280,000 tonnes of reduced CO2 emissions; 610,000 m3 of water savings; 3.1 million kW/h in electricity savings; and 4,200 tonnes of waste reduction.  

FinDev Canada’s loan enables Produbanco in furthering the accomplishments realised to date, and contributes to increase the base sustainable business practices in Ecuador. 


Business practices for women’s empowerment 

As an employer, Produbanco takes an active approach to women’s economic empowerment through a dedicated mentorship program to support women’s career progression and attractive benefits packages. This has translated into a workforce of 63% female employees with 51% of women in the management cadre. 

Due to Produbanco’s current performance and contribution to women’s economic empowerment, this loan qualifies for the 2X Challenge. This initiative, launched by the G7 development finance institutions in 2018 to mobilize capital towards projects that benefit women, has seen more than USD 4.5 billion in commitments made so far.  


About FinDev Canada 

The Development Finance Institute Canada Inc., operating under the FinDev Canada brand, is a Canadian institution dedicated to providing financial services to the private sector in developing countries with the aim of combating poverty through economic growth by focusing on three main themes: economic development through job creation, women economic empowerment, and climate change mitigation. The Development Finance Institute Canada Inc. is a wholly-owned subsidiary of Export Development Canada (EDC). Find out more about FinDev Canada here


About Produbanco - Grupo Promerica 

Produbanco is a bank with extensive experience in the Ecuadorian market.  It offers a wide range of products and services to efficiently serve the corporate, middle market, SME and retail segments.  Produbanco`s multidisciplinary team is committed to best in class customer service.  Throughout its 42 years of successful performance, Produbanco has earned local and international recognition.  Awards include Most Respected Financial Institution (2018) conferred by the Ecuadorian Business Committee; Ekos Oro Gold Award – First Place in Customer Service in the Bank Category for three consecutive years (2017-2019); Best Bank Ecuador (2017, 2018,2019, 2020), awarded by Global Finance; Bank of the Year Ecuador for the tenth year (2002, 2007, 2009-2015, 2017, 2019 and 2020), awarded by The Banker magazine; Best Innovation in Retail Banking Ecuador (2017, 2018, 2019, 2020) and Customer Service Provider of the Year, South America (2019, 2020), by International Banker magazine; Bank of the Year Ecuador (2017-2019), by The European magazine and Best Bank Governance Ecuador (2017, 2018, 2019, 2020), by Capital Finance International. Additionally, Produbanco has received local risk ratings of AAA by PCR Pacific Credit Rating and AAA- by BankWatch Ratings.