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Ecuador's second largest bank Banco de Guayaquil opened a representative office in Madrid on May 22, the bank said in a press release.
The company, which is not authorized to provide banking products, will be looking for opportunities through alliances with financial institutions to serve about 700,000 Ecuadorian immigrants living in Spain and remittance senders, according to the statement.
In 2006, remittances from Spain to Ecuador amounted to US$1.9bn, according to estimates from Ecuador's embassy in Spain.
The estimate represents 62% of the US$3.05bn in remittances sent to Ecuador last year, based on data from the country's central bank (BCE).
The bank will also try to act as a bridge between investments from Spain to Ecuador, according to the statement.
As of March 31, 2007 Banco de Guayaquil held US$1.71bn in assets, a loan book of US$750mn and US$115mn in equity, according to banking and insurance regulator (SBS).