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TOP-8 Best Banks in Uruguay

Uruguay is a South American country that has several financial institutions. Such institutions include many banks. Like most South American countries, Uruguay has several foreign banks that have been operational in the country for several years. As a result, many of these banks are subsidiaries by large international banks from developed countries.

Nonetheless, several indigenous banks exist within the country. All these banks are regulated and given monetary guidance from the apex bank of the country.

HSBC Bank Uruguay

The HSBC Bank Uruguay was established in the 70s with its headquarters in the country’s capital of Montevideo. The bank is a subsidiary of the HSBC United Kingdom, which is one of the oldest and biggest banks in the world. As one of the leading banks in the country, HSBC Uruguay offers its clients custom services to cater to their every need. In addition, it offers conventional banking services to a wide range of Uruguayans.

Because of the bank's international connections, it allows its clients to conduct seamless international transactions quickly all around the globe. Therefore, many multinational companies that operate within the country prefer to bank with HSBC Uruguay.

Banco de la República Oriental del Uruguay

Established in 1896, Banco de la República Oriental del Uruguay is a bank that is owned by the Uruguayan government and was opened by Juan Idiarte Borda, who was a one-time president of the country. It has the largest customer base in the country. The bank’s operation is critical for the maintenance of the financial market within the country.

With its headquarters in Montevideo, Banco de la República Oriental del Uruguay is at the forefront of providing lending facilities for individuals and corporations within the financial market. Additionally, the bank is the sole entity within the country that handles taxes that relate to exportation.

Banco Hipotecario del Uruguay

Banco Hipotecario del Uruguay is another bank that is owned by the Uruguayan Government. Created in 1892, this bank was founded by a former president. This bank mostly provides mortgage services within the country. It provides both individuals and organizations access to mortgage services. The bank has a total asset that exceeds $1 billion. Additionally, it has an average yearly revenue and net income that exceeds $200 million and $20 million, respectively.

Scotiabank Uruguay S.A.

Scotiabank Uruguay S.A. is another bank that is a subsidiary of a foreign bank. It belongs to the Canadian financial institution group called Scotiabank, and it began operations in 2010. Its headquarters is in the country’s capital, and it has over the years become one of the largest banks in the country. Scotiabank Uruguay S.A. offers a wide range of banking services to their clients all around the country.

Discount Bank Latin America S.A.

Discount Bank Latin America S.A. began operations in 1958. Initially, the bank’s name was different, and it was changed to Discount Bank Latin America S.A. in the 70s. This bank provides a combination of personal and corporate banking services to its clients within Uruguay.

Banco Santander Uruguay S.A.

Banco Santander Uruguay has its headquarters in Montevideo. It was established in 1978. Since its establishment, Banco Santander Uruguay has established several branches within the country. Over the years, Banco Santander Uruguay has been involved in several takeovers. After several takeovers, this bank became the biggest private banking institution in Uruguay. In addition, the bank offers a wide range of banking services such as savings account, current account, loan services, and investment management. It has over 200 employees, and it is financially tied to its main branch in Spain (Banco Santander).

Citibank N.A. Sucursal Uruguay

Citibank N.A. Sucursal is one of the oldest banks in the country. Established in 1915, the bank celebrated its centenary in 2015. Since its inception, Citibank N.A. Sucursal has offered both individual and corporate clients different forms of banking services that suit their varying needs. The bank’s excellent service has led it to acquire various national financial awards. Within Uruguay, Citibank N.A. Sucursal is considered amongst the best banking institutions for investment banking, trades services, risk management, loan services, and other corporate financial services. The best part is that the bank offers each corporate client a tailor-made array of products and services.

Apart from purely financial activities, Citibank N.A. Sucursal has been involved in several communities and social development programs. The bank has supported several programs to empower women and young people within the country.

Banque Heritage (Uruguay) S.A.

Banque Heritage was established in 1981. It has its headquarters operating out of the Uruguayan capital of Montevideo. Before the bank was called Banque Heritage, it was previously referred to as Banco Surinvest. In 2011, a financial shakeup within the banking led to a change in the bank’s name. As a commercial bank, Banco Surinvest offers its clients various types of banking services. At the moment, the bank is an affiliate of a financial institution called HFT International Ltd.

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