The government wants to close the year with the total restructuring of public banks. The Financial Corporation and the State Bank underwent a reengineering process yesterday.
Through a Executive Decree, the two institutions began their transformation. The State Bank, for example, changed its name to Development Bank of Ecuador.
What is involved in this change? In 180 days, the name shall be changed in all the operations of the bank. The principles of the institution will also need to be modified.
The Development Bank of Ecuador will prioritize investment projects of social interest as housing and utilities. Like the State Bank, it will work in conjunction with decentralized governments.
In the following months, the new institution will assume the liabilities, assets, property, rights, obligations, contracts, agreements and all legal instruments of the former bank.