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Best Bank of Ecuador 2017 ANNUAL REPORT 2017 CONTENTS 8. Message from the President of Promerica Group 9. Regional Presence 10. Promerica Group Strategic Guidelines 12. Message from the Executive President of Produbanco – Promerica Group 14. Board of Directors Produbanco – Promerica Group 16. Principal Executives Produbanco – Promerica Group 18. Board of Directors Report 24. The Economy in 2017 29. Integrated Risk Management (IRM) Committee Report 34. Report on Activities for the Prevention of Money Laundering, Terrorist Financing and Other Crimes 39. Financial User Customer Service Unit Report 45. Business Ethics and Social Responsibility Committee Report 49. Structure, Payment, Benefits and Remuneration Committee Report 50. Subsidiaries 53. Business Unit Management 61. Awards Received 64. Financial Statements 84. Independent Auditors’ Report 94. Internal Audit Report Message from the President Ramiro Ortiz Mayorga the best international banking practices. The Promerica Group has grown in a healthy and balanced way, with excellent solvency, profit, asset quality and liquidity indicators. This is mainly due to our strengths: geographical diversification, conservative policies and prudent risk management. Having concluded the period successfully, this is an achievement that has been accomplished through the concerted effort and dedication of our Executives Our company’s performance in 2017 fills and Employees, as well as the continued us with great satisfaction. The Promerica support and trust vested in us by our Group continued its consolidation in customers in the markets in which we Central and South America and the operate. Caribbean, contributing to improvement and economic growth in the markets The Promerica Group will continue in which it operates; we understand developing its positioning strategy as and believe that our capacity to create a single brand present in 9 countries: value for our Customers, Shareholders Guatemala, El Salvador, Honduras, and Employees is closely related to Nicaragua, Costa Rica, Panama, Ecuador, the wellbeing and prosperity of the Grand Cayman and the Dominican communities in which we perform our Republic. activities and therefore we strive to motivate companies and individuals to We envision a future with great optimism overcome and accomplish their dreams. and enthusiasm. We will dedicate our time and effort to continue to grow As a group, we have the versatility to sustainably within the projected timeline act both locally and regionally when and therefore work together in developing providing our products and services; the markets in which we serve. we firmly believe in supporting our Customers, advising them with a Many thanks, personalized service, which allows us to get to know their exact needs and therefore develop financial solutions whilst promoting long-term relations. We create synergies that have magnified our impact in these countries, Ramiro Ortiz Mayorga transcending borders with a single brand, President of the Board of Directors standardised products and processes and Promerica Financial Corporation 8 MEMORIAANNUAL REPORT ANUAL 2017 2017 PromericaPRESENCIA Group REGIONAL Regional Presence DOMINICAN REPUBLIC CAYMAN ISLANDS MEMORIAANNUAL REPORT ANUAL 2017 2017 9 Strategic Guidelines Promerica Group Corporate Philosophy At our essence are solid and lasting relations with our customers and employees. We are committed to the development and future of the Region. Corporate Values No Borders, Winning Attitude, Commitment, Respect, the Extra Mile, Talent. Mission To offer financial services and products that respond to the local needs of our customers in the Region, in a dynamic, accessible and personalized manner, based on a relationship of mutual trust. Vision We are building the best Financial Group in the Region. - Regional strategy and local implementation. - Financial discipline. - Productivity. - Ability to quickly adapt. - Continuous growth. Main Strategic Objectives Financial To achieve profitable growth within the Group. Business To achieve sustainable growth in all members of the Group. Risk To transform integrated risk management into a strategic element in the Financial Group’s business development. Technology To efficiently use technology to provide innovative services to customers. Image To project the Group’s corporate image on a Regional level. Corporate Governance To achieve and consolidate the practices of good corporate governance, as part of our way of doing banking. 10 ANNUAL REPORT 2017 ANNUAL REPORT 2017 11 Message from the Executive President Ricardo Cuesta Delgado at developing lasting relationships with our Customers and all interest groups. The organizational structure allows us to quickly and effectively identify and adopt best practices among our different Customer segments, adapting these to their specific situations, under the umbrella of sustainability in economic, social and environmental spheres. We seek greater geographical diversification on a national level, with the competitive participation of the Personal Banking and SME Segments. It is my pleasure to present to you the Innovation has been one of our priorities Annual Financial Report for Produbanco in recent years; we have introduced new and its Subsidiaries: Protrámites and products and services into the financial Exsersa for the 2017 financial year. sector and we are immersed in a profound process of digital transformation whilst During this year, we have moved forward anticipating the new and changing with the implementation of the 2020 needs of our Customers. The launch Strategic Plan. Focussing on the pillars of the country’s first digital account of the institutional strategy including “be Produbanco”; the multi-channel “continuing to lead in the Corporate approach made possible through new Segment” and “growing in the Personal versions of web and mobile platforms, Banking, Payment Methods, SME and are some examples of these. Business Segments”, we have worked hard to become a benchmark for Quality As a result of our management, we in Customer Service, without neglecting are ranked third out of 24 institutions the efficient management of the measured by total assets, with a market business and conservative focus on risk share of 1.1%. Our most recent Risk management. Rating stayed at AAA-. Bonds payable to December 2017 totalled USD 3,497 We are very clear on our purpose: we million, growth of USD 160 million or focus on the customer in order to satisfy 4.8% compared to 2016. Total portfolio their needs during their financial life went from USD 2,188 million to USD cycle. We constantly ask ourselves: are 2,614 million, growth of 16.5%, USD 426 we doing everything possible for them? million. The delinquency rate, the best of The most frequent response is that the large banks, was 1.8%. Net profit was we need to do more and more in an USD 40 million, USD 14 million up on the environment where consumer behaviour previous year. is constantly changing depending on new trends and innovations. Therefore, in We received various international awards Produbanco, our business model is aimed which are testimony to the results of 12 ANNUAL REPORT 2017 our management and which ratify the customer”, “we make a difference”, “our confidence that our Customers have in ideas build”, “we are one team” and “we us. Global Finance: Best Bank in Ecuador deliver our promises”, we are encouraging 2017 and Best Digital Consumer Bank our Employees to present their ideas and in Ecuador 2017; International Banker: proposals for improvement in all areas. Best Commercial Bank 2017 in Ecuador and Best Innovation in Retail Banking There are reasons to proudly celebrate 2017 in Ecuador. In the local sphere, we the successes had, but there are even received the EKOS Gold Award 2017, with more reasons to focus on the challenges first place in Service Quality, Large Banks that lie ahead for the future. Only financial category. prudence, innovation and adapting to the new standards of our Customers will With the aim of implementing the five enable us to maintain our position as principles of our organizational culture leaders in the banking sector and enablers into everyday life: “our essence is the of Ecuador’s productive development. Ricardo Cuesta Delgado Executive President Produbanco – Promerica Group ANNUAL REPORT 2017 13 Board of Directors Produbanco – Promerica Group Principal Directors Francisco Martínez Henares Principal Director President Héctor Neira Calderón Oscar Soto Brenes Principal Director Principal Director Vice-President Luis Rivas Anduray Francisco Rodríguez Vásconez Principal Director Principal Director 14 ANNUAL REPORT 2017 Deputy Directors Karla Icaza Meneses Deputy Director Jaime Dávalos Fernández-Salvador Mauricio Argüello Godoy Deputy Director Deputy Director Gustavo Vásconez Espinosa Diego Mosquera Pesantes Deputy Director Deputy Director ANNUAL REPORT 2017 15 Principal Executives Produbanco – Promerica Group Ricardo Cuesta Delgado Executive President Martha Cecilia Paredes Díaz Juan Manuel Borrero Viver Executive Vice-President Executive Vice-President Rubén Eguiguren Arias José Ricaurte Vela Vice-President of Company Banking Vice-President of Retail Banking 16 ANNUAL REPORT 2017 Fredy Sandoval Cerda Gustavo Orbe Montenegro Internal Auditor Vice-President of Risks Fabián Garzón Abad Jorge Alvarado Carrera Eduardo Lafebre Quirola Vice-President of Marketing Vice-President of Legal Affairs Vice-President of HR Esteban Vásconez Riofrío Carolina Andrade Gallegos Sebastián Quevedo Holguín Vice-President of Finances
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