The Banco del Instituto Ecuatoriano de Seguridad Social (Biess) has recovered $200.9 million following the liquidation of the Celec II, Hidrotambo, and Tiffany trusts. This action is part of an effort to protect the funds of affiliates and retirees.
These investments initially totaled $130.6 million. At the close of the trusts, they generated a total return of $70.2 million for Biess.
According to Biess, this recovery represents progress in improving the management and oversight of its trust funds. In previous years, some trusts had resulted in losses or posed risks to social security system resources.
The process was facilitated by the Law for Credit Strengthening and Sustainability, which was promoted by the national government as urgent economic legislation. The law requires a review, responsible reactivation, or liquidation of Biess’s trusts to ensure their sustainability.
In coming months, Biess plans to continue these actions using legal tools provided by the new regulations. The bank aims to recover additional resources and make them available for public benefit.
“Biess reaffirms its commitment to transparent, efficient, and responsible public banking for the benefit of affiliates and retirees,” said the institution in a statement.
