Big bank watch: net income as of Dec. 31, 2003.(Radar)(Brief Article)

DEAR SHAREHOLDERS ...

* Banco de Chile

In 2003, Chile's second-largest bank in terms of assets managed, earned US$218 million in 2003, or 150% more than it did in 2002. The bank credited lower operating expenses, greater recoveries of non-performing loans and a 30% increase in fee income for the upswing.

* Banco de Galicia y Buenos Aires

Argentina's largest private bank reported a US$68 million dollar loss in 2003, which is an improvement from the $347 million lost during 2002. Decreased administrative costs and the country's improving economy helped soften the bank's financial woes.

* BBVA Bancomer

In March, Spain's number-two bank Banco Bilbao Vizcaya Argentaria (BBVA) paid US$4 billion for the shares it did not already own of Mexico's Bancomer. BBVA said the move should increase its market share to take advantage of Mexico's improving economy linked to a U.S. recovery.

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