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The source is

The source is the Bank of Guayaquil in 1923, when the December 20 of that year began the activities of the Sociedad Anonima Italian Bank in Guayaquil, which was a foreign bank with initial capital of 2,000,000 sucres. Was founded nearly twenty years as a solid bank in Ecuador, until 1941, when the Second World War, and Italy became part of the Rome-Berlin Axis. Italy attempt to nationalize the bank, which operated with Italian capital and managers. Given these events, August 14 this year, is achieved through reform and change the name of the institution, to be renamed as the National Bank of Ecuador .
On September 24, 1941, a new deed is changing its name to the entity was renamed Bank of Guayaquil to the present. Following these events, several Ecuadorian capital immediately started buying all the shares. Until then the financial institution had a capital of 20,000,000 sucres.
The bank continued to increase several times their paid-up capital. In November 1982 its capital amounted to approximately 310 million sucres.
On May 9, 1984, the group of shareholders of Southern Financial SA, better known as Finansur, acquired the majority of the shares of Banco de Guayaquil. As a result, the Econ. Danilo Carrera Drouet, who then served as Chairman of the Executive Finansur was appointed as Executive Chairman of the Bank of Guayaquil Immediately, his replacement at the Executive Presidency was Finansur Guillermo Lasso Mendoza .
From these events, the new management of Banco de Guayaquil SA apply a modern approach to banking, which it acquired more sophisticated computer equipment in the market and created four divisions for the development of basic services, which include: Corporate Banking, Personal Banking, Investment Banking Division and the Visa credit card BG .
Building on recent reforms to the General Banking Act, the August 9, 1990, there is fusion between the Banco de Guayaquil SA and Southern Financial S.A. or Finansur. This creates the Banco de Guayaquil SA, which includes a paid-up capital of around 8200 million sucres.
Guillermo Lasso Mendoza, who served as Chairman of the Executive Finansur, he became the Executive Vice President, and in turn be the General Manager of the Bank of Guayaquil. In the next few years started a strong position in the domestic market as the first Multibanco of Ecuador, providing all banking and financial services through a single organization .
On March 29, 1995, the shareholders of Banco de Guayaquil SA approves signing an agreement in respect of subsidiary companies such as Guayaquil Bank, Fund Administrator BG, House Values and Many-BG Rio Guayas Insurance and Reinsurance Co. . This agreement involves the support of the operations of these companies up to the value of their assets with the bank as owner of 100 of the shares and voting in each of the subsidiaries .
In 1997 the Banco de Guayaquil was merged with Society Bank and became one of the country’s biggest banks, to date .

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