BBVA said that the integration of Credit Uruguay Banco into BBVA Uruguay will be finalized in April, after the corresponding authorization has been obtained from the Ministry of Economy and Finance.
The integration of the both bank’s operations is expected to take place in April, making BBVA Uruguay the second-ranking private financial entity in the country by loans and customer funds.
At year-end 2010, Credit Uruguay Banco had a loan portfolio of 12,436m pesos, 9% more than in 2009. Customer funds were up 17.8%at 24,574m pesos.
BBVA Uruguay reported lending growth of 19% in 2010 after granting loans for 8,458m pesos, while customer funds were up 15.2%, with 18,293m pesos brought in over the year.
