Banking in Ecuador has a long history. At the time of the dissolution of

Gran Colombia Gran Colombia (, "Great Colombia"), or Greater Colombia, officially the Republic of Colombia (Spanish: ''República de Colombia''), was a state that encompassed much of northern South America and part of southern Central America from 1819 to 18 ...

and its formation as a republic,

Ecuador Ecuador ( ; ; Quechua: ''Ikwayur''; Shuar: ''Ecuador'' or ''Ekuatur''), officially the Republic of Ecuador ( es, República del Ecuador, which literally translates as "Republic of the Equator"; Quechua: ''Ikwadur Ripuwlika''; Shuar: ''Eku ...

's economy was generally not monetized; gold and silver coins were circulated, and were brought into common use by successive currency laws.Superintendencia de Bancos y Seguros : superban.gov.ec - Historia
(archived version of http://www.superban.gov.ec/pages/1_historia1.htm) Little by little, with the growth of the nation, Ecuadorian banking also grew and was particularly centered on the city of

Guayaquil , motto = Por Guayaquil Independiente en, For Independent Guayaquil , image_map = , map_caption = , pushpin_map = Ecuador#South America , pushpin_re ...

. After the Liberal Revolution came a period called the Banking Plutocracy ('' Plutocracia bancaria'') that was dominated by private banking, especially by the

Commercial and Agricultural Bank of Guayaquil Commercial may refer to: * a dose of advertising conveyed through media (such as - for example - radio or television) ** Radio advertisement ** Television advertisement * (adjective for:) commerce, a system of voluntary exchange of products and ...

(''

Banco Comercial y Agrícola de Guayaquil Banco may refer to: Places * Banc (Barcelona Metro), also called Banco, a closed metro stop on the Barcelona metro * Banco, Virginia, an unincorporated community * Banco, West Virginia, an unincorporated community * Banco National Park, a nat ...

''). This period ended with the

July Revolution The French Revolution of 1830, also known as the July Revolution (french: révolution de Juillet), Second French Revolution, or ("Three Glorious ays), was a second French Revolution after the first in 1789. It led to the overthrow of King ...

(''Revolución Juliana'') of 1925. In 1998, Ecuador's banks faced the worst financial crisis in the country's history.

Major banks

The major banks today are the

Banco Pichincha The Banco Pichincha is the largest private-sector bank in Ecuador, by capitalization and by number of depositors. It is the primary bank of the Pichincha Group (''Grupo Pichincha''), a business group that includes the companies associated with th ...

Produbanco Banco de la Producción S.A., better known as Produbanco, is an Ecuadorian bank. It is the head of the ''Grupo Financiero Producción''. The bank began operations in November 1978. See also *Banking in Ecuador Banking in Ecuador has a long histor ...

Citibank Citibank, N. A. (N. A. stands for " National Association") is the primary U.S. banking subsidiary of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, and later became First National City ...

and

Banco de Guayaquil Banco may refer to: Places * Banc (Barcelona Metro), also called Banco, a closed metro stop on the Barcelona metro * Banco, Virginia, an unincorporated community * Banco, West Virginia, an unincorporated community * Banco National Park, a nat ...

References

{{Americas topic, List of banks in Economy of Ecuador Banks of Ecuador