Private Bank Offshore The Inside Scoop on Latin American Private Banking

Private Banking In Uruguay

Uruguay had a number of problems a few years ago but its problems were based on a defective banking system that was totally reliant on its next door neighbor Argentina. So when Argentina´s economy went under it pulled the private banks in Uruguay under.

That situation has been largely rectified to a great extent by bringing in foreign banks but at the same time by bringing in foreign banks, Uruguay has lessened his effectiveness as an offshore center, because each one of the foreign banks are headquartered in a high tech country that wants to know what´s going on in Uruguay. Despite it’s impressive bank secrecy record, ultra-secret private banking in Uruguay is hard to find.

Here’s a list of foreign banks operating in Uruguay:

Sud Bank & Trust Company Limited
SG PRIVATE BANKING S.A.
UBS AG
HSBC Bank USA, National Association
Credit Suisse Schweizerische Kreditanstalt
Banque Privée Edmond de Rothschild S.A.
Bank Of New York-Inter Maritime Bank
Man Investments AG
Lloyds TSB Bank Plc
Bank Leu AG
Santander Bank & Trust Ltd.
BSI S.A.
Crédit Agricole S.A.
Royal Bank of Canada de Montreal
Coutts Bank von Ernst Ltd.
UEB United European Bank
Safra National Bank of New York
Bank Hofmann AG de Zurich
American Express Bank Limited
BBVA S.A.
HSBC Private Bank S.A.
LGT Bank Ltd.
LGT Bank in Liechtenstein Ltd.
Mizrahi Tefahot Bank Ltd.

Uruguay also has a decent selection of home grown banks. The fees are not extravagant and often there will be a fairly low minimum deposit.

Banco de la República Oriental del Uruguay and Banco Hipotecario del Uruguay are government-owned.

Privately owned banks include:

Banco Bandes Uruguay S.A.
Crédit Uruguay Banco S.A.
Nuevo Banco Comercial S.A.
Discount Bank S.A.
Banco Santander S.A.
Banco Bilbao Vizcaya Argentaria Uruguay S.A.
HSBC Bank S.A.
Banco Surinvest S.A.
Banco Itaú-BBA S.A. Sucursal Uruguay
Citibank N.A. Sucursal Uruguay
ABN AMRO Bank N.V. Suc. Montevideo
Lloyds TSB Bank plc
Banco de la Nación Argentina

From personal experience with both Nuevo Banco Commerical and Banco de la republica oriental de uruguay (BROU) i can say that they are both safe, friendly institutions, with modest and sensible due diligence. I did not need a bank reference letter to open an account (at HSBC this WAS required), just the passport and proof of residence. They will ask you what you want to do with the account and roughly what figures you expect going in and out. If you stick to within the guidelines there are few problems.

Another great source on Uruguay private banking.