An Ecuadorian businessman and banker, Dr. Fidel Egas, has purchased Intercredit Bank, NA, a Miami-Dade County full-service financial institution with $373 million in assets, for an undisclosed amount. The purchase transaction was approved by the Office of the Comptroller of the Currency (OCC) and closed on June 16.
“The change of ownership and projected capital infusions will allow Intercredit Bank to grow its footprint and remain competitive in South Florida,” said Simon Cruz, Intercredit Bank’s President and CEO. “Completing a purchase such as this during a pandemic is a vote of confidence about the bank, our loyal customers, and the strength of the South Florida economy. We look forward to the resources and expertise of our new owner, Dr. Fidel Egas.”
Dr. Egas is the majority owner of Banco Pichincha, the largest private commercial bank in Ecuador, established in 1906. He has purchased Intercredit Bank personally and, as a result of this, the bank is not a part of the Banco Pichincha Holding Group. The Group owns banks in Spain, Colombia, Peru and Panama as well as an Agency office in Miami.
Intercredit Bank’s management team and staff of 76 employees at its four branch locations in Miami-Dade County will remain intact. The new chairman of the Board of Intercredit Bank is Fidel Esteban Egas, son of Dr. Fidel Egas, a member of the international financial community who has held management positions and served on the boards of numerous financial institutions and other business organizations in Ecuador and other countries.
