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Banco de la República Oriental del Uruguay (also known as Banco República or BROU) is a state-owned
bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...
in
Uruguay Uruguay (; ), officially the Oriental Republic of Uruguay ( es, República Oriental del Uruguay), is a country in South America. It shares borders with Argentina to its west and southwest and Brazil to its north and northeast; while bordering ...
, founded in 1896 under the presidency of Juan Idiarte Borda. It is the most important Uruguayan bank with the largest number of customers. It plays a dominant role in
lending In finance, a loan is the lending of money by one or more individuals, organizations, or other entities to other individuals, organizations, etc. The recipient (i.e., the borrower) incurs a debt and is usually liable to pay interest on that d ...
and deposit in the Uruguayan
market Market is a term used to describe concepts such as: *Market (economics), system in which parties engage in transactions according to supply and demand *Market economy *Marketplace, a physical marketplace or public market Geography *Märket, an ...
. It is also responsible for the collection of
export tax A tariff is a tax imposed by the government of a country or by a supranational union on imports or exports of goods. Besides being a source of revenue for the government, import duties can also be a form of regulation of foreign trade and pol ...
es.


History

On October 22, 1896, at 10:00 a.m. the bank opened its doors for the first time with 54 employees. The first deposit was made by the President of Uruguay, Juan Idiarte Borda.


References


External links


Banco de la República Oriental del Uruguay
Economy of Uruguay Government-owned companies of Uruguay Banks of Uruguay Banks established in 1896 1896 establishments in Uruguay Companies based in Montevideo Uruguayan brands {{bank-stub