Restoring faith in capitalism

Sometimes I get the weirdballs mailing me with their "you commie dumbass" lovespreading. This is fine, cos as long as they're taking it out on me they're not bugging somebody that might give a rat's ass about what they think. It's also plain wrong, cos even my lefty pals recognize they have a capitalist on their hands.

But not the kind of screw-you, hatred-filled capitalism now preached North of the Rio Grande. Why not compare the attitude towards the world shown by Citi or Goldman to the attitude of Mexican bank Compartamos (COMPART.mx). Here's an extract from today's post from the evergreat Mexfiles featuring this bank. Click through for the rest (you'll be glad you did).

Given that Compartamos works with the client to assure they are able to pay the loan, what started as a not-for-profit microlending service became a normal business in 2000 and the next year became the first microlender to issue debt in the capital markets. In 2006 it was transformed into a “normal” commercial bank… with one important difference. It’s not only considered one of the best employers in Mexico, it’s doing what banks aren’t supposed to do… turn a healthy profit in an economic slump

CONTINUES HERE

The Top 25 banks in Latin America (according to America Economia)

Here's a zippy table that comes as part of this very informative note over at America Economia. Here we see the top 25 banks in Latin America and check out the original note for plenty more breakdown-style info.

Rank 2009	Rank 2008	Bank	Country	Total Assets (U$M)	Overdue/tot credit (%) 2009	Return on Equity (%) 2009	Liquidity (rank to 100)	Assets / Total Credit (%) 2009	Efficiency (rank to 100)
1	1	Santander Santiago	CL	36.679,40	3,2	24,6	75	7,9	100
2	2	Itaú	BR	292.226,70	5,8	16,3	38	7,2	79
3	4	Bradesco	BR	245.597,00	10,2	31,1	20,4	7,8	72,6
4	11	Continental BBVA	PE	10.127,40	0,4	42,2	16,4	8,1	74,6
5	3	De Chile	CL	30.750,90	1,7	18,2	70	8,3	53,9
6	12	Santander	BR	179.610,60	4,3	3,1	7,6	14,2	73,2
7	-	Scotiabank	CL	10.763,80	0,8	2,2	60	13,1	57,1
8	7	Safra	BR	31.760,50	2,3	39,5	1,4	7,4	64,7
9	15	Crédito	PE	15.923,20	1,2	24,8	17	9,1	61,7
10	23	Pichincha	EC	4.339,20	1,7	11,7	19,1	10,4	90
11	6	BBVA Bancomer	MX	85.044,30	4,5	1,8	20,2	8,2	62,4
12	-	Banamex	MX	74.942,40	3,7	12,8	14,5	12,2	30,6
13	24	Santander .MX	MX	48.661,30	3,3	17	28,4	11,6	43,1
14	-	Cruzeiro do Sul	BR	3.517,70	2,4	-12,2	100	14,9	84,3
15	9	BCI	CL	22.782,00	2,9	15,5	65	6,9	59,9
16	19	Interacciones	MX	4.044,50	0,9	27,1	14,3	5,1	63,4
17	-	Corp Banca	CL	11.054,20	2,3	14,5	50	8,2	60,3
18	18	Industrial e comercial	BR	4.844,90	5	24	4,7	18,1	85,5
19	-	Interbank	PE	4.966,50	1,5	30,2	17,7	7,5	43,1
20	-	BBVA	CL	13.003,00	3	16,8	55	6,7	56,8
21	25	Bancolombia	CO	19.084,40	3,1	18,4	7,9	15	57,4
22	21	De Bogotá	CO	12.802,50	3	20,8	6,9	12,5	60,3
23	-	Scotiabank .PE	PE	7.407,60	2	21,6	23,7	11,7	25
24	-	Del Bajío	MX	5.721,30	3,5	7,4	13,1	11,7	80
25	17	Mercantil del Norte	MX	42.649,40	2,7	14,4	14,5	6,5	47,3
source: AméricaEconomía Intelligence

Please check out the chart on the original page for more information not contained above.

Excellent financial journalism once again from the evergood AE.

Revolutionary Rubles

The funniest thing is that North America is still under the impression that LatAm owes it a great favour and that we humble souls down here just can't get anything done without their magnificent presence. Why do I get the feeling that Rusoro won't need to go through the Canadian rip-off brokerages to get its next round of financing....?

Hat tip reader 'TL'

Russia and Venezuela signed a deal Tuesday to set up a new bank with starting capital of four billion dollars (2.9 billion euros) to fund joint projects as Moscow ramps up its role in South America.

The agreement was signed at Russian Prime Minister Vladimir Putin's residence near Moscow by the deputy finance ministers of the two countries.

"We are moving to a high level of political and economic co-operation," Putin said as he greeted Venezuela's Vice President Ramon Carrizalez, who told Putin there was now a "strategic" partnership between yada yada continues here