Leasing in Latin America - The Alta Group - The Alta...

Rafael Castillo-Triana August 26, 2018

WLY 2018

Leasing in Latin America

Getting Ready to a New Normal


WLY 2018

2017 in perspective The leasing industry grew 5 times more than the

Economy

As a maturing industry, Leasing in Latin America has managed to keep

growing over the whole Latin American economy. While the industry prepares to a

disruptive change fueled, among other things, by the new Lease Accounting

Standards, namely IFRS-16 and ASC-842 (for companies subjected to US GAAP),

most of the current players exhibit resiliency, in particular independent Lessors.

Table 1:Evolution of Leasing Portfolios in Latin America 2014-2017

Of course that not all countries have managed the same level of activity.

Clearly, leasing industries across the countries surveyed by The Alta Group, can be

differentiated: Honduras, Mexico and Colombia are certainly the stars. In other

countries, such as Chile and Peru, the industry is growing less but this is due to the

necessary shift from markets dominated by finance leases to emerging players in

COUNTRY/PAISUSD$000

PORTFOLIO 2014

USD$000

PORTFOLIO 2015

USD$000

PORTFOLIO 2016

USD$000

PORTFOLIO 2017

2017

MARKET

SHARE

GROWTH 17/16 GROWTH 16/15 GROWTH 15/14

Mexico $13,837,222.64 $13,474,671.33 $15,024,128.00 $21,381,475.00 32.23% 42.31% 11.50% -2.60%

Colombia $13,147,579.47 $12,963,375.27 $13,598,748.09 $15,818,784.00 23.85% 16.33% 4.90% -1.40%

Chile $10,135,241.41 $8,945,312.45 $10,470,480.60 $12,651,428.00 19.07% 20.83% 17.00% -11.70%

Brazil $9,765,994.06 $8,204,452.33 $7,324,131.62 $8,250,641.00 12.44% 12.65% -10.70% -16.00%

Peru $8,463,599.40 $6,656,347.06 $6,102,346.31 $6,031,735.00 9.09% -1.16% -8.30% -21.40%

Argentina $1,551,466.21 $1,242,237.55 $1,136,693.87 $903,930.00 1.36% -20.48% -8.50% -19.90%

Puerto Rico $599,286.18 $609,423.11 $730,925.53 $730,125.00 1.10% -0.11% 19.90% 1.70%

Costa Rica $698,715.51 $538,061.50 $584,355.46 $484,920.00 0.73% -17.02% 8.60% -23.00%

Guatemala $109,279.28 $128,784.85 $132,200.36 $86,601.00 0.13% -34.49% 2.70% 17.80%

Venezuela $329,990.76 $386,927.32 $286,590.67 $0.00 0.00% -100.00% -25.90% 17.30%

Ecuador $112,605.22 $89,187.81 $92,877.97 $0.00 0.00% -100.00% 4.10% -20.80%

Bolivia $69,895.49 $64,868.88 $80,067.81 $0.00 0.00% -100.00% 23.40% -7.20%

Honduras $ - $ - $22,027.90 $0.00 0.00% -100.00%

TOTAL $58,820,875.64 $53,303,649.48 $55,585,574.20 $66,339,639.00 100.00% 19.35% 4.28% -9.38%


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operating leases. Brazil already made that transition and for that reason, it is

showing growth again. The transition in Brazil has shown the virtual abandonment

of finance and operating leasing banks, while commercial, operating lessors

(“Locadoras”) are gaining importance and growing in the marketplace.

Indeed, the leasing industry in general grew much faster than the national

economies measured by their corresponding Gross Domestic Product. Figure 2

illustrates that in each country.

Argentina is an interesting case of an emerging player. Its industry is

growing trying to catch up in terms of its penetration of leases over GDP. The

industry counts with first class leadership, but it is facing great macroeconomic

headwinds. However, its trend line is good.

Figure 1: What grows better: The Economy or Leasing within?

-15.6% 0.0% 15.6% 31.3% 46.9% 62.5%

Regional

Puerto Rico

Peru

Mexico

Honduras

Guatemala

Ecuador

Costa Rica

Colombia

Chile

Brazil

Bolivia

Argentina

2017 Leasing Portfolio Growth vs. GDP Growth

PORT.GROWTH

GDP GROWTH

Figure 2: Who grows better: The Economies or Leasing within them?


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The Three Musketeers: Banks, Captives and Independent

Figure 2: Banks still dominate but losing ground

Banks kept losing ground on their former dominance amongst the players in

the leasing industry. While banks used to represent between 70% to 75%, their

market share is declining to 65%. Many factors explain this. First, strict regulations

that impose heavier capital requirements upon risk weighted assets, have led to a

risk adverse culture in the banks, where tangible assets and residual position taken

are virtually excluded from the bank’s business model. Second, capital is flowing

to independents because they are showing above average returns on equity, and

finally, because certain equipment manufacturers still need strong support from

their captives.

The aforementioned notwithstanding, captives are mainly present in the four

largest economies, namely, Mexico, Brazil, Argentina and Colombia. This has to

do with critical mass considerations. If the market size doesn’t justify establishing

presence in a given country, captives would not dare to open a subsidiary in such

country, rather outsource financing with existing domestic players, either banks or


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independents. Such is the case in countries such as Chile, where no captives are

detected.

What the data and observed behavior of the market suggest is that as long as

the Latin American economies suffer transformation, the global drivers

(technologies and regulations) lead to forced changes in the business models of all

Lessors.

Demand for capital goods is changing, among other things because the sole

definitions of capital goods is also changing. At the same time when imports of

computers is declining in all countries, the demand for smart phones is

skyrocketing. These are not classified as capital goods, but they are. However, no

single lessor is currently Financing them.

While the Fourth Industrial Revolution is emerging, we do not see yet any of

these transformations in the composition of the portfolio of Latin American

Lessors. No drones, not too many electric vehicles, seldom use of the Internet of

Things, no 3-D printers financed, no “smart cities”, but instead, a large switch into

real estate leasing. A material component of the growth of the leasing industries in

Chile, Peru and Colombia come out of their originations in real estate leases.

Another interesting observation has to do with the profitability of the

surveyed Latin American Lessors. While the average return on equity of the whole

universe of Lessors reviewed was 10.8% in 2017, the 100 largest Lessors delivered

an average 12.7% return on equity in 2017.

The 20 most profitable LAR Lessors

Company Type Country

Ford Credit Captive Mexico 38.9%

RENTING COLOMBIA S.A. Bank Colombia 36.76%


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Banco de la Provincia de Buenos Aires (incl, Provincia Leasing)

Bank Argentina 36.46%

HP FINANCIAL SERVICES COLOMBIA LLC

Captive Colombia 32.47%

Banco Patagonia S,A, Bank Argentina 31.87%

John Deere Credit Captive Mexico 26.3%

Arrendadora Banregio Bank Mexico 25.9%

Comercial Administardora Independent Guatemala 23.95%

Unifin Financiera Independent Mexico 23.3%

Banco COMAFI (incl, The Capita Corp)


Banco Credito del Peru Bank Peru 19.69%

Localiza Independent Brazil 19.44%

Banco de Galicia y Buenos Aires


Interbank Bank Peru 18.96%

Hewlett Packard Financial Services

Captive Mexico 18.9%

Banco de Chile Bank Chile 18.55%

Banco Santander Chile Bank Chile 18.17%

BBVA -Banco Continental Bank Peru 18.11%


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Volkswagen Leasing Captive Mexico 17.6%

Caterpillar Crédito Captive Mexico 16.8%

Flyers and Divers: Who grew faster and who declined faster

There were interesting moves in the industry, we had some newcomers in

the list, these were the flyers:


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Table 2: Flyers: Companies who grew faster than their peers

… while the divers were mostly banks that placed their leasing strategies in

the back burner, sometimes due to the fear to assume asset management risks, and

sometimes because they found alternative structures to perfect collateral, such as

security interests in the countries that have followed the UNCITRAL Model Law

Ranking

2016

Ranking

2017

Jump

2016-

2017 Company TYPE COUNTRY

Portfolio

USD(000

) 2017

Estimated

Volume

US$

(000)10 117 90 27 MAREAUTO COLOMBIA S A S Independent Colombia 82,805 56,245$

113 92 21 Banco de Lage Landen Brasil S/A Bank Brazil 76,484 49,295$

114 93 21 BV LEASING AM S A Bank Brazil 74,604 47,530$

115 96 19 CSILATINA A.M. S.A. Independent Brazil 69,371 42,296$

73 58 15 Value Arrendadora Independent Mexico 200,186 121,560$

21 10 11 Volkswagen Leasing Captive Mexico 1,932,240 830,804$

46 38 8 Locamerica Independent Brazil 483,423 297,615$

91 83 8 HP FINANCIAL SERVICES COLOMBIA LLC Captive Colombia 98,653 59,804$

74 67 7 Banco COMAFI (incl, The Capita Corp)Bank Argentina 148,762 113,286$

98 91 7 HP Financial Services Captive Argentina 77,454 47,311$

104 97 7 Banco de la Provincia de Buenos Aires (incl, Provincia Leasing)Bank Argentina 68,858 64,939$

13 7 6 Localiza Independent Brazil 2,273,658 1,035,190$

10 5 5 Arrendadora Inbursa Bank Mexico 2,308,925 1,139,017$

68 63 5 Daycoval Leasing - Banco Múltiplo S.ABank Brazil 159,861 73,938$

76 71 5 Banco Supervielle Bank Argentina 133,291 113,110$

37 33 4 Unidas Independent Brazil 636,622 331,554$

64 60 4 Operadora Mega Independent Mexico 177,754 65,208$

47 44 3 Mercader Financial Captive Mexico 377,256 191,998$

59 56 3 Financiera Bajio Bank Mexico 206,925 100,730$

87 84 3 AB&C Leasing Independent Mexico 98,006 46,881$

29 27 2 Popular Auto Bank Puerto Rico 730,125 319,295$

30 28 2 Banco Bice Bank Chile 681,676 241,891$

36 34 2 Paccar Arrendadora Captive Mexico 591,055 254,855$

70 68 2 John Deere Credit Captive Mexico 147,621 60,301$

78 76 2 CSI Leasing México Independent Mexico 118,660 54,191$

82 80 2 Arrendadora Afirme Bank Mexico 107,035 45,527$

84 82 2 Banco de Galicia y Buenos Aires Bank Argentina 99,079 51,535$

101 99 2 Servicios Financieros Progreso Independent Chile 63,008 26,598$

5 4 1 Banco Santander Chile Bank Chile 2,326,387 736,855$

16 15 1 BBVA COLOMBIA Bank Colombia 1,257,071 496,057$

19 18 1 Banco del Estado Bank Chile 1,226,055 476,669$

26 25 1 Movida Independent Brazil 850,536 404,372$

27 26 1 Banco Bilbao Vizcaya Argentaria Bank Chile 781,133 310,730$

32 31 1 Navistar Financial Captive Mexico 648,576 273,450$

33 32 1 Arrendadora Banregio Bank Mexico 648,020 280,261$

66 65 1 De Lage Landen Bank Mexico 150,630 56,845$

88 87 1 Arrendadora y Soluciones de NegocioIndependent Mexico 92,081 41,512$


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and the suggestions of the International Finance Corporation, that albeit provide

priorities, still lack the strength of creditors rights that a lessor enjoys under

applicable law. Nonetheless, in practical terms is easier to perfect a secured

transaction and it represents less hassle in the front end. In Brazil, that still lacks a

secured transactions law, the guarantee trust (“alienação fiduciaria”) has displaced

leasing as the preferred form of asset based financing. For that reason the largest

diver is Banco Itaucard, one of the largest banks in Brazil.

The following list shows interesting lessons about going up and down:


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Ranking

2016

Ranking

2017

Jump

2016-

2017 Company TYPE COUNTRY

Portfolio

USD(000)

2017

Estimated

Volume

US$ 35 51 -16 Banco Itaucard S/A Bank Brazil 255,942 (96,964)$

79 95 -16 Banco Patagonia S,A, Bank Argentina 72,184 36,589$

58 73 -15 CHG Meridian Mexico Independent Mexico 129,548 14,966$

61 74 -13 Banco Financiero Bank Peru 126,448 23,270$

71 81 -10 FINANDINA Bank Colombia 101,601 23,413$

57 66 -9

CARVAJAL PROPIEDADES E INVERSIONES

S.A. Independent Colombia 148,819 44,173$

31 39 -8 Banco Ibm S/A Arrendamento Mercantil Captive Brazil 443,442 77,551$

54 62 -8 Tanner Independent Chile 170,370 43,048$

62 70 -8 LEASING CORFICOLOMBIANA Bank Colombia 135,188 38,293$

67 75 -8 BBVA Banco Frances Bank Argentina 120,305 78,805$

92 100 -8 Banco Consorcio Bank Chile 62,856 21,299$

28 35 -7

Santander Brasil Arrendamento Mercantil,

Merging Santander Leasing Bank Brazil 573,716 149,863$

42 49 -7 Safra Leasing S/A Arrendamento Mercantil Bank Brazil 275,820 52,079$

23 29 -6

Bradesco Leasing S/A Arrendamento

Mercantil Bank Brazil 664,794 115,068$

40 46 -6 RENTING COLOMBIA S.A. Bank Colombia 347,308 100,861$

18 23 -5 BBVA Leasing Bank Mexico 900,276 172,407$

45 50 -5

SG Equipment Finance S.A. Arrendamento

Mercantil Bank Brazil 274,534 80,771$

50 55 -5 Cia. de Arrendamento Mercantil RCI Brasil Captive Brazil 215,364 55,531$

72 77 -5 EQUIRENT S.A. Captive Colombia 116,728 40,984$

83 88 -5 Alfa Arrendamento Mercantil S/A Bank Brazil 88,691 33,980$

8 12 -4 Unifin Financiera Independent Mexico 1,911,647 701,242$

9 13 -4 BANCO DE OCCIDENTE Bank Colombia 1,727,413 599,687$

15 19 -4 ITAU Bank Colombia 1,171,481 381,356$

38 42 -4 OuroVerde Independent Brazil 391,335 96,026$

43 47 -4

Hp Financial Services Arrendamento Merc.

S/A Captive Brazil 329,834 122,440$

65 69 -4 LEASING BANCOLDEX S.A. Bank Colombia 145,845 53,128$

75 79 -4

Banco de la Nacion Argentina (incl, Nacion

Leasing) Bank Argentina 109,924 59,046$

81 85 -4 BANCO POPULAR Bank Colombia 97,621 38,126$

90 94 -4 HSBC Bank Argentina S,A, Bank Argentina 74,074 71,429$

94 98 -4 Corporacion Cafsa Captive Costa Rica 68,228 30,368$

6 9 -3 Banco Itau Chile Bank Chile 1,960,986 510,204$

49 52 -3 Financiera Desyfin Independent Costa Rica 234,174 79,856$

51 54 -3 Arrendadora Actinver Bank Mexico 224,800 64,698$

56 59 -3 Grupo BNS Bank Costa Rica 182,517 71,153$

69 72 -3 Tattersal Independent Chile 132,267 40,601$

86 89 -3 Comercial Administradora Independent Guatemala 86,601 33,322$

4 6 -2 Banco Credito del Peru Bank Peru 2,285,676 576,205$

12 14 -2 BBVA -Banco Continental Bank Peru 1,427,330 346,896$

14 16 -2 Caterpillar Crédito Captive Mexico 1,235,613 371,804$

34 36 -2 Interbank Bank Peru 527,063 164,557$

55 57 -2 Banco Internacional Bank Chile 205,775 79,051$

7 8 -1 Banco de Chile Bank Chile 2,227,140 780,226$

39 40 -1 Banco Interamericano de Finanzas Bank Peru 424,620 134,588$

44 45 -1 COLPATRIA RED MULTIBANCA Bank Colombia 349,397 156,434$

63 64 -1 Arrendadora Ve Por Mas Bank Mexico 155,212 53,950$

77 78 -1 LEASEPLAN AM S.A. Independent Brazil 112,610 49,244$

85 86 -1 Corporación Financera Atlas Independent Mexico 92,354 37,190$


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Other “divers”, who fell slightly less, were affected by the reduction in

capital investment that affected Latin American countries driven by election years

and the uncertainty generated by notorious corruption scandals such as the “Lava

Jato” scandal in Brazil that created collateral effects in other countries of Latin

America and led to the paralysis of large infrastructure projects that were driving

investments in countries such as Peru, Colombia, and even Mexico.

Who really own the Alta LAR 100 companies and from where:

Another interesting feature observed has to do with the ownership of the

largest lessors. Certainly, the United States of America has given up its control.

This country is no longer relevant for the leasing industry in Latin America. The

space left by the United States has been taken over by Japan, Spain, France,

Germany and Canada. Certainly, the United States is not great in Latin America, it

is becoming less and less influential in the equipment leasing and financing

industry in Latin America.


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…and the winners are:

The complete list of The Alta LAR 100 year-end 2017 is the following:

Ranking 2016

Ranking 2017 Company TYPE COUNTRY

Portfolio USD(000) 2017

Estimated Volume US$ (000)10

1 1 BANCOLOMBIA Bank Colombia 5,524,933 $ 2,134,227

2 2 NFR Finance de Mexico Captive Mexico 4,642,345 $ 2,042,979

3 3 DAVIVIENDA Bank Colombia 3,233,981 $ 1,445,308

5 4 Banco Santander Chile Bank Chile 2,326,387 $ 736,855

10 5 Arrendadora Inbursa Bank Mexico 2,308,925 $ 1,139,017

4 6 Banco Credito del Peru Bank Peru 2,285,676 $ 576,205

13 7 Localiza Independent Brazil 2,273,658 $ 1,035,190

7 8 Banco de Chile Bank Chile 2,227,140 $ 780,226

6 9 Banco Itau Chile Bank Chile 1,960,986 $ 510,204

21 10 Volkswagen Leasing Captive Mexico 1,932,240 $ 830,804

11 11 BCI - Credito e Inversiones Bank Chile 1,918,146 $ 771,662

8 12 Unifin Financiera Independent Mexico 1,911,647 $ 701,242

9 13 BANCO DE OCCIDENTE Bank Colombia 1,727,413 $ 599,687

12 14 BBVA -Banco Continental Bank Peru 1,427,330 $ 346,896

16 15 BBVA COLOMBIA Bank Colombia 1,257,071 $ 496,057

14 16 Caterpillar Crédito Captive Mexico 1,235,613 $ 371,804

17 17 Ford Credit Captive Mexico 1,229,583 $ 451,381

19 18 Banco del Estado Bank Chile 1,226,055 $ 476,669

15 19 ITAU Bank Colombia 1,171,481 $ 381,356

20 20 Scotiabank Bank Peru 1,011,675 $ 321,175

#N/A 21 Engenium Capital Independent Mexico 981,428 $ 380,196

22 22 BANCO DE BOGOTA Bank Colombia 981,367 $ 427,882

18 23 BBVA Leasing Bank Mexico 900,276 $ 172,407

24 24 Arrendadora Banorte Bank Mexico 856,135 $ 347,497

26 25 Movida Independent Brazil 850,536 $ 404,372


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Ranking 2016




27 26 Banco Bilbao Vizcaya Argentaria Bank Chile 781,133 $ 310,730

29 27 Popular Auto Bank Puerto Rico 730,125 $ 319,295

30 28 Banco Bice Bank Chile 681,676 $ 241,891

23 29 Bradesco Leasing S/A Arrendamento Mercantil Bank Brazil 664,794 $ 115,068

441 30 Hewlett Packard Financial Services Captive Mexico 657,589 $ 657,589

32 31 Navistar Financial Captive Mexico 648,576 $ 273,450

33 32 Arrendadora Banregio Bank Mexico 648,020 $ 280,261

37 33 Unidas Independent Brazil 636,622 $ 331,554

36 34 Paccar Arrendadora Captive Mexico 591,055 $ 254,855

28 35 Santander Brasil Arrendamento Mercantil, Merging Santander Leasing Bank Brazil 573,716 $ 149,863

34 36 Interbank Bank Peru 527,063 $ 164,557

442 37 Banco Security Bank Chile 497,056 $ 166,221

46 38 Locamerica Independent Brazil 483,423 $ 297,615

31 39 Banco Ibm S/A Arrendamento Mercantil Captive Brazil 443,442 $ 77,551

39 40 Banco Interamericano de Finanzas Bank Peru 424,620 $ 134,588

41 41 Scotiabank Sudamericano Bank Chile 398,573 $ 136,885

38 42 OuroVerde Independent Brazil 391,335 $ 96,026

#N/A 43 TIP De Mexico Independent Mexico 386,489 $ 142,836

47 44 Mercader Financial Captive Mexico 377,256 $ 191,998

44 45 COLPATRIA RED MULTIBANCA Bank Colombia 349,397 $ 156,434

40 46 RENTING COLOMBIA S.A. Bank Colombia 347,308 $ 100,861

43 47 Hp Financial Services Arrendamento Merc. S/A Captive Brazil 329,834 $ 122,440

48 48 ATC SITIOS DE COLOMBIA S.A.S Independent Colombia 298,574 $ 134,058

42 49 Safra Leasing S/A Arrendamento Mercantil Bank Brazil 275,820 $ 52,079

45 50 SG Equipment Finance S.A. Arrendamento Mercantil Bank Brazil 274,534 $ 80,771

35 51 Banco Itaucard S/A Bank Brazil 255,942 $ (96,964)

49 52 Financiera Desyfin Independent Costa Rica 234,174 $ 79,856

53 53 Santander Peru Bank Peru 228,924 $ 92,339

51 54 Arrendadora Actinver Bank Mexico 224,800 $ 64,698

50 55 Cia. de Arrendamento Mercantil RCI Brasil Captive Brazil 215,364 $ 55,531

59 56 Financiera Bajio Bank Mexico 206,925 $ 100,730


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Ranking 2016




55 57 Banco Internacional Bank Chile 205,775 $ 79,051

73 58 Value Arrendadora Independent Mexico 200,186 $ 121,560

56 59 Grupo BNS Bank Costa Rica 182,517 $ 71,153

64 60 Operadora Mega Independent Mexico 177,754 $ 65,208

25 61 Docuformas Independent Mexico 173,488 $ 76,998

54 62 Tanner Independent Chile 170,370 $ 43,048

68 63 Daycoval Leasing - Banco Múltiplo S.A Bank Brazil 159,861 $ 73,938

63 64 Arrendadora Ve Por Mas Bank Mexico 155,212 $ 53,950

66 65 De Lage Landen Bank Mexico 150,630 $ 56,845

57 66 CARVAJAL PROPIEDADES E INVERSIONES S.A. Independent Colombia 148,819 $ 44,173

74 67 Banco COMAFI (incl, The Capita Corp) Bank Argentina 148,762 $ 113,286

70 68 John Deere Credit Captive Mexico 147,621 $ 60,301

65 69 LEASING BANCOLDEX S.A. Bank Colombia 145,845 $ 53,128

62 70 LEASING CORFICOLOMBIANA Bank Colombia 135,188 $ 38,293

76 71 Banco Supervielle Bank Argentina 133,291 $ 113,110

69 72 Tattersal Independent Chile 132,267 $ 40,601

58 73 CHG Meridian Mexico Independent Mexico 129,548 $ 14,966

61 74 Banco Financiero Bank Peru 126,448 $ 23,270

67 75 BBVA Banco Frances Bank Argentina 120,305 $ 78,805

78 76 CSI Leasing México Independent Mexico 118,660 $ 54,191

72 77 EQUIRENT S.A. Captive Colombia 116,728 $ 40,984

77 78 LEASEPLAN AM S.A. Independent Brazil 112,610 $ 49,244

75 79 Banco de la Nacion Argentina (incl, Nacion Leasing) Bank Argentina 109,924 $ 59,046

82 80 Arrendadora Afirme Bank Mexico 107,035 $ 45,527

71 81 FINANDINA Bank Colombia 101,601 $ 23,413

84 82 Banco de Galicia y Buenos Aires Bank Argentina 99,079 $ 51,535

91 83 HP FINANCIAL SERVICES COLOMBIA LLC Captive Colombia 98,653 $ 59,804


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Ranking 2016




87 84 AB&C Leasing Independent Mexico 98,006 $ 46,881

81 85 BANCO POPULAR Bank Colombia 97,621 $ 38,126

85 86 Corporación Financera Atlas Independent Mexico 92,354 $ 37,190

88 87 Arrendadora y Soluciones de Negocio Independent Mexico 92,081 $ 41,512

83 88 Alfa Arrendamento Mercantil S/A Bank Brazil 88,691 $ 33,980

86 89 Comercial Administradora Independent Guatemala 86,601 $ 33,322

117 90 MAREAUTO COLOMBIA S A S Independent Colombia 82,805 $ 56,245

98 91 HP Financial Services Captive Argentina 77,454 $ 47,311

113 92 Banco de Lage Landen Brasil S/A Bank Brazil 76,484 $ 49,295

114 93 BV LEASING AM S A Bank Brazil 74,604 $ 47,530

90 94 HSBC Bank Argentina S,A, Bank Argentina 74,074 $ 71,429

79 95 Banco Patagonia S,A, Bank Argentina 72,184 $ 36,589

115 96 CSILATINA A.M. S.A. Independent Brazil 69,371 $ 42,296

104 97 Banco de la Provincia de Buenos Aires (incl, Provincia Leasing) Bank Argentina 68,858 $ 64,939

94 98 Corporacion Cafsa Captive Costa Rica 68,228 $ 30,368

101 99 Servicios Financieros Progreso Independent Chile 63,008 $ 26,598

92 100 Banco Consorcio Bank Chile 62,856 $ 21,299

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