Banco Fassil S.A. was a major Bolivian financial institution headquartered in Santa Cruz de la Sierra. Founded in 1996, it grew to become one of the largest banks in Bolivia, offering a range of banking products and services to individuals and businesses. However, in April 2023, the bank faced a severe liquidity crisis, leading to its intervention by the Bolivian Authority for the Supervision of the Financial System (ASFI) to protect depositors' interests. Subsequently, a process of compulsory liquidation was initiated. This page provides historical information and context regarding its operations prior to and during the intervention.
Historically, the headquarters served as the central hub for all administrative, strategic, financial, and operational decisions of the bank. It housed key departments including executive management, corporate banking, risk management, and technology. Post-intervention, its function shifted to facilitating the intervention and liquidation process under ASFI's guidance.
The 'Torre Fassil' was a modern, prominent multi-story office tower, symbolizing the bank's previous significant presence in the Bolivian financial landscape. It was one of the recognizable buildings in the city's business district.
Prior to its intervention, Banco Fassil likely aimed to foster a competitive and customer-focused work environment typical of large financial institutions. The culture would have emphasized growth, market share, and financial performance. Post-intervention, the atmosphere would have shifted dramatically to crisis management, regulatory compliance, and employee uncertainty under ASFI's supervision.
The headquarters was highly significant as the nerve center of what was one of Bolivia's largest banks. It directed a nationwide network of branches, managed substantial financial assets, and played a key role in the national economy before its collapse and intervention.
Banco Fassil S.A. operated exclusively within Bolivia. It had established an extensive national presence with a wide network of branches, ATMs, and service points across all nine departments of the country. While it did not have physical international branches, it engaged in standard international banking transactions such as correspondent banking and trade finance to support its Bolivian clients' global business activities. Its focus was entirely on the domestic Bolivian market.
Torre Fassil, Avenida San Martín esquina Calle J, Equipetrol Norte
Santa Cruz de la Sierra
Andrés Ibáñez Province (Santa Cruz Department)
Bolivia
Address: Multiple branches and offices. Example of a main office: Av. Camacho No. 1485, Edificio La Primera, La Paz (actual branch addresses varied).
To serve the substantial individual, commercial, and governmental client base in La Paz and surrounding areas, supporting local economic activities and payment systems.
Address: Multiple branches and offices. Example of a main office: Av. Heroínas E-0345, Cochabamba (actual branch addresses varied).
To cater to the diverse financial needs of the Cochabamba department, a vital agricultural, industrial, and commercial zone in Bolivia.
Address: Multiple branches. Example: Cruce Villa Adela, El Alto (actual branch addresses varied).
To ensure financial inclusion and service delivery to the dynamic urban population and commercial activities within El Alto.
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As of April 2025, Banco Fassil S.A.' leadership includes:
Banco Fassil S.A. has been backed by several prominent investors over the years, including:
The first half of 2023 was defined by the collapse and intervention of Banco Fassil S.A. This resulted in the complete removal of its executive board and senior management, many of whom subsequently faced legal investigations and arrests. The Bolivian financial regulatory body, ASFI, appointed an Intervenor to manage the bank's affairs. There were no 'hires' to the original company's executive team during this period; all changes involved removals and regulatory appointments to oversee the intervention and liquidation.
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Prior to its intervention and subsequent liquidation in 2023, Banco Fassil S.A. likely utilized standard corporate email formats. However, due to the bank's cessation of operations, email addresses associated with the @fassil.com.bo domain are no longer active or monitored for general business communication.
Common formats likely included [first_initial][last_name]@fassil.com.bo (e.g., jdoe@fassil.com.bo) or [first_name].[last_name]@fassil.com.bo (e.g., juan.perez@fassil.com.bo). The exact internal convention could have varied.
Format
jperez@fassil.com.bo
Example
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ASFI (Autoridad de Supervisión del Sistema Financiero) • April 26, 2023
Bolivia's financial regulatory authority, ASFI, officially intervened Banco Fassil S.A. due to severe liquidity problems and inability to meet depositor obligations. Mr. Carlos Alberto Colodro López was appointed as the intervenor to manage the bank and initiate processes to safeguard depositors' funds....more
Bolivian Ministry of Economy and Public Finance / El Deber • May 12, 2023
As part of the solution process directed by ASFI, portions of Banco Fassil's loan portfolio and deposits were transferred to nine other solvent Bolivian banks. This measure aimed to ensure depositors could access their funds through these other institutions....more
Various International and Bolivian News Outlets (e.g., Reuters, Associated Press, Página Siete) • May 28, 2023
Carlos Alberto Colodro López, the ASFI-appointed intervenor for Banco Fassil, was found dead after an apparent fall from a building. His death occurred amidst the complex intervention process, prompting further investigations and the eventual appointment of a new intervenor....more
ASFI (Autoridad de Supervisión del Sistema Financiero) • June 2, 2023
Following the death of Carlos Colodro, ASFI appointed Luis Gonzalo Araoz Leaño as the new intervenor for Banco Fassil S.A. to continue with the compulsory liquidation process and manage the remaining affairs of the failed bank....more
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