Banco del Pacifico receives the administration of educational credits of the IECE

The Ecuadorian Institute for Educational Loans and Scholarships (IECE fo its Spanish acronym) made effective yesterday the delivery of its portfolio to Banco del Pacifico for the administration of the educational loans.

The portfolio of IECE is USD 353 million, which correspond to 56 765 operations, the entity said.

Isabel Cruz, Manager of IECE, said that the delivery of the portfolio “does not affect customers who enjoyed credits previously granted.”

In addition, the Executive Chairman of Banco del Pacifico, Efrain Viera, added that the recovery of NPLs of IECE entered as part of the collection system of the bank. He also noted that 95% of the IECE portfolio is current “because there are no problems of default, since it has a good payment history.”

The head of Banco del Pacifico said that the credit for scholarships will be USD 80 million as a basis for new operations and if this becomes insufficient, the amount will increase.