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Banco Pichincha is an Ecuadorian bank, established more than a century ago. In October 2007 Banco Pichincha opened its representative office in Madrid to meet the financial needs of Ecuadorians living in Spain, in partucular their demands of mortgage loans, savings accounts, term deposit accounts and insurance. In March 2010 Banco Pichincha received a banking license from Spanish authorities to operate a commercial bank in Spain. The bank also serves Spanish residents coming from other Andean countries such as Peru, Colombia, Bolivia, Chile and Venezuela.