Banking in Ecuador has a long history. At the time of the dissolution of Gran Colombia and its formation as a republic, Ecuador's economy was generally not monetized; gold and silver coins were circulated, and were brought into common use by successive currency laws.[1] Little by little, with the growth of the nation, Ecuadorian banking also grew and was particularly centered on the city of Guayaquil. After the Liberal Revolution came a period called the Banking Plutocracy (Plutocracia bancaria) that was dominated by private banking, especially by the Commercial and Agricultural Bank of Guayaquil (Banco Comercial y Agrícola de Guayaquil). This period ended with the July Revolution (Revolución Juliana) of 1925.[2]
In 1998, Ecuador's banks faced the worst financial crisis in the country's history.
^Superintendencia de Bancos y Seguros : superban.gov.ec - Historia (archived version of http://www.superban.gov.ec/pages/1_historia1.htm)
^"Diario Correo : diariocorreo.com.ec - Archivo del 2007/06/18". Archived from the original on 2009-04-17. Retrieved 2009-10-20.
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