What’s the best bank in Central America? If you go by awards won, it has to be BAC Credomatic.
In the past four weeks, BAC Credomatic has won awards from two international finance publications; the World Economic Magazine and Euromoney.
Last month, the World Economic Magazine named BAC as the best digital bank in Central America, noting the efficiency and promptness of its virtual support to merit this award.
Speaking in June, BAC’s Director of Experience Jessica Mora said, “In recent months, to provide a more expeditious service, we have improved more than 70 procedures carried out by our clients. Penetration of digital clients in the region rose from 34% in 2019 to 42% in 2020. This translates into over 1.6 million customers using our digital services. Four out of five of our customers use these services from their mobile phones, in a more agile and timely manner.”
The World Economic Magazine also named BAC as the best bank for SMEs (small and medium-sized enterprises) in Panama and Guatemala, the best corporate bank in Nicaragua, and the bank offering the best customer service in Costa Rica and Honduras.
#PáginaDos BAC Credomatic es el Mejor Banco Digital de Centroamérica, según revista World Economic.@BACCredomaticCR #WorldEconomic #Banco #Finanzas #Economia #Digital #Servicio #Revista #Centroamerica
— La República (@La_Republica) June 24, 2021
Aside from the World Economic Magazine, Euromoney has given BAC Credomatic props in its 2021 Excellence Awards.
First introduced in 1992, the Euromoney Excellence Awards are a recognized benchmark of quality in the financial world.
Every July, Euromoney awards the best banks and financial institutions around the world with an award for excellence.
This year, BAC won the awards for the Best Central American/Caribbean Bank and Best Corporate/Social Responsibility in Latin America. On a country-by-country basis, BAC also won awards for being the best bank in Costa Rica, Honduras, and Panama.
Euromoney noted BAC’s corporate and social responsibility in the following key areas, according to a La Republica report today:
- Leadership in offering financial advisory and well-being (physical and emotional) programs to employees plus.
- Financing and support to over 250,000 SMEs in Central America, covering over 2,800 projects with environmental and social value for an amount of $780 million. Over 90,000 clients received financial education in 2020. BAC also created an economic reactivation program for small and medium-sized businesses for the post-pandemic world.
- Certifications in environmental stewardship and energy usage. This includes a carbon neutrality certification in Costa Rica and a responsible carbon certificate in Guatemala. BAC finances numerous sustainable mobility, clean energy, and natural resource management projects.
- Women hold 48% of BAC managerial positions. BAC is committed to eliminating the gender pay gap. It’s also the first regional financial group to join the Global Financial Alliance for the Economic Empowerment of Women.
“We want to turn BAC into a catalyst for progress and social/environmental well-being in Central America and Panama. We aspire to be the leading bank in providing financial solutions to the most relevant economic, environmental and social challenges in the region,” said CEO Rodolfo Tabash.
El bienestar de nuestros colaboradores y los impactos positivos de nuestra labor son reconocidos a nivel mundial. Con orgullo te contamos que Grupo Financiero BAC Credomatic recibió el premio de “Mejor Banco en Responsabilidad Social Corporativa de Latinoamérica”, de Euromoney. pic.twitter.com/SdCNFGarvE
— BAC Credomatic CR (@BACCredomaticCR) July 23, 2021
Awards and recognition aside, it hasn’t been a easy pandemic for BAC.
Last year, it cancelled thousands of customer credit cards in Costa Rica, blaming the usury law which came in, setting a maximum interest rate. BAC also closed some of its Costa Rican branches, laying off hundreds of employees.
Founded in Nicaragua (but now based in Costa Rica) as the Banco de America Central (BAC) in 1952, BAC Credomatic now operates throughout the region except in Belize. It also has branches in Florida, Grand Cayman, and the Bahamas.
James Dyde is the editor of centralamerica.com. He lives in Escazu, Costa Rica.