BanEcuador, a public bank created by Rafael Correa

The state bank BanEcuador will replace the National Development Bank.

The public bank BanEcuador, will replace the National Development Bank, and its headquarters in will be located in Quevedo. After 180 days it will serve the micro, small and medium enterprises and associative enterprises of agriculture, trade and services sectors, according to the Executive Decree 677, issued on Wednesday.

“It will have a local development approach and preferences in rural and marginal-urban areas contributing to the strengthening of the Well-being Plan through banking mechanisms of first and second floor,” says the decree.

Mortgages, secured and unsecured loans and other types of loans authorized by the Board of Monetary Regulation will be granted; bank overdrafts; deposits in financial institutions in the country and abroad; negotiate bills of exchange, promissory notes and foreign trade documents; among others are the benefits of the entity.