What Are Some Facts About Banco Provincial in Venezuela?


Quick Answer

Founded in 1953, Banco Provincial (formally known as Banco Provincial, S.A. Banco Universal) is based in Caracas, Venezuela, according to Bloomberg. As a subsidiary of Banco Bilbao Vizcaya Argentaria, S.A. or BBVA, Banco Provincial operates a network of 300 offices and 1,800 ATMs throughout Venezuela.

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Full Answer

Banco Provincial was the first bank in Venezuela to expand its business objectives beyond deposit accounts to include specialized banking services. It offers a multitude of loan products, including mortgages, vehicle loans, commercial loans, microcredit and instant payroll services. Other services include those related to foreign trade, tax collection, bill payments and trusts. Individual banking services include the issuance of credit and debit cards and mobile and Internet banking.

As of the end of fiscal year 2014, Banco Provincial's publicly-listed parent company BBVA controlled assets totaling nearly $700 million, including $408 million in loans outstanding. During the same year, the company generated $30 million in revenue and a net income of 48 cents per share for its shareholders. With a market cap of $63.2 billion, Morningstar claims BBVA is one of the largest financial institutions in the world, with income sources spanning the globe from China to Patagonia. In 2010 BBVA began a string of professional and college sports sponsorships in the United States.

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