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Last Updated on February 15, 2025

In Bolivia, you’ll find sizable companies, with many exceeding $1 billion in total assets. However, as you’ll see, the majority are either managed by the Bolivian government or are major banks operating within the country. These enterprises, particularly the public ones, are crucial to Bolivia and its economy, providing significant support.

Bolivia’s largest companies by assets are: YPFB ($13.5B), Banco Mercantil Santa Cruz ($5.3B), ENDE ($5.2B), Banco Unión ($4.2B), and Banco BNB ($4B). By annual income, the largest are: CBN ($178M), ENDE ($169M), Entel ($132M), YPFB Transport ($91M), and San Cristobal Mining ($67M). Most of the largest companies are either state-owned or banks.

In this article about Bolivia’s largest companies, we’ll provide data on these major corporations, highlighting their total assets, annual income, sales revenue, and key details for each. We are business experts from Bolivia.

The General Scale of Bolivian Companies

Bolivia’s largest companies typically have total assets in the range of a few billion dollars and annual incomes in the tens of millions of dollars. While certainly small compared to companies in other countries, they are significant relative to Bolivia’s total GDP, which is around $40 billion.

Many of these companies have been central to past political and social unrest in the country, as they are key to Bolivia’s economy. This is also why half of them are managed by the Bolivian government. Many are also banks, as the banking system here is very robust and held by private owners.

According to a research study (Spanish, translated) conducted by economist Hugo Siles Espada on Bolivia’s 500 largest companies in 2021, the following are the 20 largest companies in the country.

The Top 20 Largest Companies in Bolivia

If we rank Bolivia’s largest companies *by their total assets*, we find that, for 2021, the largest were:

1. YPFB (assets: $13,514 million)
2. Banco Mercantil Santa Cruz (assets: $5,317 million)
3. Empresa Nacional de Electricidad (ENDE) (assets: $5,209 million)
4. Banco Unión (assets: $4,201 million)
5. Banco BNB (assets: $4,010 million)
6. Banco Bisa (assets: $3,382 million)
7. Banco de Crédito (assets: $3,106 million)
8. Grupo SCFG (assets: $2,666 million)
9. Banco Fassil (assets: $2,637 million)
10. YPFB Transporte (assets: $2,478 million)
11. Entel (assets: $2,351 million)
12. Banco Fie (assets: $2,186 million)
13. BancoSol (assets: $2,060 million)
14. Banco Ganadero (assets: $1,921 million)
15. Compañía Minera San Cristóbal (assets: $1,808 million)
16. Banco Económico (assets: $1,587 million)
17. YPFB Andina (assets: $1,481 million)
18. YPFB Chaco (assets: $1,408 million)
19. Banco Prodem (assets: $1,293 million)
20. YPFB Refinación (assets: $1,289 million)

	Company	Assets (millions of $)	Sales Revenue (millions of $)	Annual Income (millions of $)	Owners and Shareholders
1	YPFB	13,514	6,233	37	Government
2	Banco Mercantil Santa Cruz	5,317	~257	32	Private, National
3	Empresa Nacional de Electricidad (ENDE)	5,209	~286	155	Government
4	Banco Unión	4,201	~271	38	Government
5	Banco BNB	4,010	~257	36	Private, National
6	Banco Bisa	3,382	~257	34	Private, National
7	Banco de Crédito	3,106	~257	28	Private, Peruvian
8	Grupo SCFG	2,666	<200	<14	Private, National
9	Banco Fassil	2,637	~257	<14	Private, National
10	YPFB Transporte	2,478	~271	91	Government
11	Entel	2,351	658	132	Government
12	Banco Fie	2,186	~264	24	Government
13	BancoSol	2,060	~286	48	Private, National
14	Banco Ganadero	1,921	<200	17	Private, National
15	Compañía Minera San Cristóbal	1,808	622	67	Private, Japanese
16	Banco Económico	1,587	<200	16	Private, National
17	YPFB Andina	1,481	~271	<14	Government
18	YPFB Chaco	1,408	~257	<14	Government
19	Banco Prodem	1,293	<200	23	Private, Venezuelan
20	YPFB Refinación	1,289	1,084	<14	Government

1) YPFB

This oil and gas refinery company, owned by the Bolivian government, is by far the largest company currently operating in Bolivia. This public corporation has a long history involving numerous conflicts between the Bolivian government and foreign investors who were previously involved in the exploration and extraction of petroleum and gas in the country.

Back in 2003, YPFB was a mixed public-private company, owned partially by the Bolivian government and partially by foreign capital from the United States. However, the “gas conflict” occurred, and the Bolivian government decided to nationalize the company and allocate all its revenue to the Bolivian state and its people, according to government statements.

YPFB in 2021: Total assets: $13,515 million. Sales revenue: $6,233 million. Annual income: $37 million.

2) Banco Mercantil Santa Cruz

This is the largest bank in Bolivia and also the second-largest company in the country. This bank is the result of a merger between three pre-existing banks. The initial merger was between Banco Mercantil and Banco Santa Cruz, forming “Banco Mercantil Santa Cruz.”

Years later, this bank acquired another major Bolivian bank that existed at the time, “Banco Los Andes.” Due to these two major mergers, Banco Mercantil Santa Cruz is now the largest bank in Bolivia and the second-largest company currently operating within the country. It is a well-established institution with a very healthy financial position.

Banco Mercantil Santa Cruz in 2021: Total assets: $5,317 million. Sales revenue: ~$257 million. Annual income: $32 million.

3) Empresa Nacional de Electricidad (ENDE)

This is a public company (state-owned) that provides electricity services to the entire country. According to Bolivian authorities, it’s a strategic asset for the country, and it has also been involved in past conflicts regarding the privatization of companies in Bolivia with foreign capital and their subsequent nationalization.

This company is vast, with dozens of electricity generation plants across the country that generate hundreds of megawatts of energy for Bolivia’s principal urban areas and cities. It’s a state-owned company that also holds a monopoly in the electricity market, being the sole provider of these services.

Empresa Nacional de Electricidad in 2020: Total assets: $5,209 million. Sales revenue: ~$286 million. Annual income: $155 million.

4) Banco Unión

This is the only commercial bank currently owned by the Bolivian government. It’s a major financial institution acquired by the Bolivian state a decade ago, and it’s responsible for managing many of the economic and social projects in Bolivia that impact its population, such as issuing bonds, providing social and financial aid, paying social security benefits, etc.

Beyond this, Banco Unión also offers all the services that any other major bank in Bolivia provides. For example, it offers various types of loans, home mortgages, business loans, bank account openings, credit cards, insurance, and more. Interestingly, this bank is always crowded with all types of people throughout the day, unlike other banks.

Banco Unión in 2021: Total assets: $4,201 million. Sales revenue: ~$271 million. Annual income: $38 million.

5) Banco BNB

Another large and very old Bolivian bank, with a history spanning over 100 years. Initially, it was the government’s official bank and was responsible for providing cash to the economic system, but it was later replaced by the BCB (Central Bank of Bolivia) as the official bank of the Bolivian government.

It currently offers the full spectrum of services that any major bank worldwide provides. It’s one of the most well-established brands in our country, serving both individuals and companies with all their banking service needs. It also has subsidiaries like BNB Valores (for investing in Bolivian stocks), BNB Leasing, and BNB Safi (mutual fund management).

Banco BNB is the main competitor of Banco Mercantil Santa Cruz and Banco Unión, and it’s undoubtedly one of the five most important banks in Bolivia.

Banco BNB in 2021: Total assets: $4,010 million. Sales revenue: $257 million. Annual income: $36 million.

6) Banco Bisa

With approximately 60 years of history in Bolivia, this is one of the major banks offering financial services to personal and corporate clients in our country. In the 1970s and 1980s, it was solely an industrial bank, providing services only to organizations and primarily industrial companies. However, it later transitioned into a commercial bank, offering the full range of banking services.

Today, this bank is the fourth-largest in Bolivia and one of the 250 largest banks in South America. It also offers various specialized services through separate brands, such as Bisa Leasing, Bisa Insurance, and Bisa La Vitalicia (for personal insurance). It’s also a major shareholder in Red Enlace, Bolivia’s ATM system company.

Banco Bisa in 2021: Total assets: $3,382 million. Sales revenue: ~$257 million. Annual income: $34 million.

7) Banco de Crédito

This is a subsidiary of the Peruvian Banco de Crédito (BCP), which has been operating in Bolivia for over 25 years. It initially entered the country through the acquisition of a Bolivian bank called Banco Popular. Later, it also absorbed two other significant banks: Banco de La Paz and BNA. Today, it’s one of the most important banks operating in Bolivia.

This multi-purpose bank offers the full range of services provided by any other major financial institution in the country. It also has two subsidiary brands with specialized services: CrediBolsa S.A., which offers assistance in the Bolivian stock market, and CrediSeguro S.A., which offers various types of insurance.

Banco de Crédito in 2021: Total assets: $3,106 million. Sales revenue: ~$257 million. Annual income: $28 million.

8) Grupo SCFG

This is a network of companies operating in Bolivia’s financial services industry, *which includes Banco Fassil*, as well as other brands like “Santa Cruz Securities Agencia de Bolsa” (Santa Cruz Securities Brokerage Agency), “Investments Sociedad Administradora de Fondos de Inversión” (Investment Fund Management Company), among others.

This network of financial companies was founded in Santa Cruz de la Sierra, Bolivia’s largest city. All the companies within this network offer services in various financial areas, such as banking, insurance, investments, entrepreneurial support, and real estate investments. However, Banco Fassil is by far the largest member of this network.

Grupo SCFG in 2021: Total assets: $2,666 million. Sales revenue: <$200 million. Annual income: <$14 million.

9) Banco Fassil (financial and legal throubles)

This bank is part of the SCFG Group (Santa Cruz Financial Group S.A.), mentioned in the previous section. It was re-founded in 2014 after initially operating as a private financial fund since its creation in 1996. Thanks to the capital injection provided by SCFG, Banco Fassil has now become one of Bolivia’s most important banks.

Although it’s still a relatively new bank and not widely recognized among most Bolivian clients, it’s growing rapidly, posing significant competition to the currently large and well-established banks in Bolivia.

Currently, Banco Fassil is facing significant financial and legal challenges, so exercise extreme caution when using this bank.

Banco Fassil in 2021: Total assets: $2,637 million. Sales revenue: ~$257 million. Annual income: <$14 million.

10) YPFB Transporte

This company is responsible for the movement and transportation of gas, crude oil, and petroleum derivatives extracted or refined by its parent company, YPFB. It’s a standalone state-owned company, but YPFB holds approximately 99% of its total shares. Despite being a subsidiary of YPFB, it’s a large company with assets of $2,478 million.

This entity is the result of a previous division and restructuring carried out by the Bolivian government in its strategic companies’ nationalization activities during the 2000s. Through this restructuring, the government created several subsidiary companies from YPFB, including YPFB Transporte, YPFB Andina, YPFB Chaco, and YPFB Refinación, among others.

YPFB Transporte in 2021: Total assets: $2,478 million. Sales revenue: ~$271 million. Annual income: $91 million.

11) Entel

This is Bolivia’s main telecommunications company, responsible for providing connectivity, telephone, and internet services to the country. Entel is also a government-owned company, which, according to Bolivian authorities, is on the list of strategic corporations in Bolivia.

However, this company doesn’t hold a monopoly in its market; it competes against two other major telecommunications and phone companies, Tigo and Viva. Despite this, Entel currently owns about 44% of the total market share. It also has several thousand radio base stations spread across the country and an extensive wired network that provides full coverage in Bolivia.

Entel in 2021: Total assets: $2,351 million. Sales revenue: $658 million. Annual income: $132 million.

12) Banco Fie

Another major multi-purpose bank in Bolivia. It was founded over 30 years ago and began as a microcredit institution. Later, in 1997, it transformed into a private financial fund. Finally, in 2010, it became a multi-purpose bank, now offering the full range of financial services that both individual and corporate clients require in Bolivia.

This fully private bank is one of the most important in the country, very close to its competitors in size and total assets, such as Banco Unión, Banco Bisa, etc. Therefore, like these other financial entities, it has become one of the largest companies currently operating in the country.

Banco Fie in 2021: Total assets: $2,186 million. Sales revenue: ~$264 million. Annual income: $24 million.

13) BancoSol

This is Bolivia’s largest PYME bank, meaning it supports the establishment and growth of small businesses and entrepreneurs by providing various types of loans and other specialized services to new and small companies. These loans for new businesses are not typically offered by other major banks, as they are considered very risky, but BancoSol undertakes this task.

BancoSol has a long tradition of assisting small companies in their initial stages and has specialized in microloans and microfinance since its creation 35 years ago. It started as a foundation and later became the first microfinance bank in Bolivia, achieving significant success since then, even exporting its expertise in microfinance for small businesses to other countries.

BancoSol in 2021: Total assets: $2,060 million. Sales revenue: ~$286 million. Annual income: $48 million.

14) Banco Ganadero

Another major Bolivian bank and one of the country’s largest companies, this fully private bank remains focused on assisting primarily agro-industrial and agricultural companies. However, it now also offers the full range of services that any major multi-purpose bank in the country should provide. Currently, it’s growing at a rate of 12% per year.

Banco Ganadero, founded in Santa Cruz de la Sierra around 30 years ago, initially specialized solely in providing financial services to the livestock sector. However, it soon expanded its services to cater to agricultural businesses and related fields. Today, despite being a major bank in the country, it remains primarily focused on serving businesses rather than individual clients.

Banco Ganadero in 2021: Total assets: $1,921 million. Sales revenue: <$200 million. Annual income: $17 million.

15) Compañía Minera San Cristóbal

This is Bolivia’s largest mining company, extracting lead, silver, and zinc from a vast mineral deposit located near the town of San Cristóbal (now relocated) in the Potosí department, very close to the Uyuni Salt Flats. It’s a subsidiary of the Japanese mining company Sumitomo Corporation and began operations in 1996.

This mining company has brought development to communities and towns in this very remote location in Bolivia’s Altiplano region. It utilizes cutting-edge technologies and adheres to international standards for the mining industry, also being a significant contributor to the Bolivian government in taxes, despite being a fully private mining company.

Compañía Minera San Cristóbal in 2021: Total assets: $1,808 million. Sales revenue: $622 million. Annual income: $67 million.

16) Banco Económico

This is also another major multi-purpose bank in Bolivia, which has been active for 30 years. It offers the full range of services that any major financial institution here must offer (multi-purpose banks), such as providing various types of loans, creating checking and savings accounts, solutions for both individual and corporate clients, and so on.

This major bank is well-established in the minds of Bolivians and is a fully private company that has positioned itself very effectively within the country over the past two decades.

Banco Económico in 2021: Total assets: $1,587 million. Sales revenue: <$200 million. Annual income: $16 million.

17) YPFB Andina

This is another subsidiary of YPFB, responsible for the general exploration and extraction of petroleum and gas within Bolivian territory. It is owned by the Bolivian government and is considered a strategic asset that contributes to the stability and expansion of the Bolivian economy.

It was established when the government decided to divide YPFB, which was Bolivia’s main oil and gas company, into several entities, each focused on different activities related to the gas and petroleum ecosystem, such as YPFB Transporte, YPFB Andina, YPFB Chaco, etc. Despite being a standalone subsidiary, distinct from YPFB, it remains a large company and one of the largest in the country.

YPFB Andina in 2021: Total assets: $1,481 million. Sales revenue: ~$271 million. Annual income: <$14 million.

18) YPFB Chaco

Another subsidiary of YPFB, specializing in the exploration and extraction of gas in the Tarija department. Bolivian gas is one of the most important natural resources currently produced for domestic consumption and export to neighboring countries. Therefore, YPFB Chaco is also significant for this reason alone.

As mentioned earlier, this is one of the subdivisions of YPFB, among others like YPFB Refinación, YPFB Andina, etc.

YPFB Chaco in 2021: Total assets: $1,408 million. Sales revenue: ~$257 million. Annual income: <$14 million.

19) Banco Prodem

Banco Prodem is another important bank in the country. It was established 20 years ago as a private financial fund focused on assisting small businesses in their growth and establishment. It has been very successful since then, to the point that it has now become a multi-purpose bank in Bolivia, a designation that requires approval from the ASFI, Bolivia’s banking regulator.

19) Banco Prodem

Banco Prodem is another significant bank in the country. It originated 20 years ago as a private financial fund focused on assisting small businesses in their growth and establishment. It has been very successful since then, to the point that it has now become a multi-purpose bank in Bolivia, a designation that requires approval from the ASFI, Bolivia’s banking regulator.

In 2008, it was partially acquired by the Venezuelan bank BANDES, which is now the main shareholder. Currently, it employs around 2,500 people. Although it’s not one of Bolivia’s largest banks, it remains a major company in the country, with assets exceeding $1 billion.

Banco Prodem in 2021: Total assets: $1,293 million. Sales revenue: <$200 million. Annual income: $23 million.

20) YPFB Refinación

Another YPFB subsidiary, this standalone public enterprise focuses solely on refining oil and gas to meet domestic demand and for export. It produces various types of fuels, such as premium gasoline, kerosene, jet fuel, and other similar products. It’s another strategic asset for the Bolivian government, which aims to add value to the country’s natural resources.

This is one of the largest subsidiary companies created during the government’s restructuring in 2008-2012, which divided YPFB into several entities, including YPFB Transporte, YPFB Andina, YPFB Chaco, YPFB Refinación, etc. Despite being a standalone state-owned company, focused solely on refining Bolivian petroleum and gas, it’s certainly quite large.

YPFB Refinación in 2021: Total assets: $1,289 million. Sales revenue: $1,084 million. Annual income: <$14 million.

Top 10 Largest Bolivian Companies by Annual Income

Next, we’ll present the largest companies operating in Bolivia, ranked by their annual earnings or profitability, as shown in the table below. Some of these companies might not have extensive assets, but they are highly profitable.

	Company	Annual Income (millions of $)
1	CBN	178
2	Empresa Nacional de Electricidad (ENDE)	169
3	Entel	132
4	YPFB Transporte	91
5	Compañía Minera San Cristóbal	67
6	BancoSol	48
7	Ende Transmisión	43
8	Gas Trans Boliviano	40
9	Tigo Bolivia	39
10	YPFB	37

As you can see, the list includes many government-owned companies, as well as several that have already been mentioned due to their substantial assets or sales. However, there are also some relatively smaller companies like CBN, ENDE Transmisión, and Gas Trans Boliviano.

Regarding CBN, it’s important to note that alcohol consumption is very common in Bolivia and a significant social issue. Therefore, it’s not surprising that the country’s main beer company also boasts the highest profits. This company consistently sponsors all kinds of festivals, holidays, and events within the country.

The list also features a subsidiary of ENDE, focused on the transmission of energy and electricity: ENDE Transmisión. Finally, Gas Trans Boliviano, another YPFB subsidiary, is solely responsible for transporting gas from Bolivia to Brazil via several pipelines.

Top 10 Largest Bolivian Companies by Sales Revenue

Now, we’ll compare the 10 largest companies in Bolivia *based on their annual revenue*, as shown in the table below. Although some of these enterprises may not have massive assets, they certainly have the highest sales volume in the country.

	Company	Sales Revenue (millions of $)
1	YPFB	6,233
2	YPFB Refinación	1,084
3	Entel	658
4	Tigo Bolivia	629
5	Compañía Minera San Cristóbal	622
6	Alicorp	507
7	CBN	502
8	Comibol	393
9	Embol Coca-cola	364
10	Pil Andina	354

Notable companies on this list include Tigo Bolivia, the second-largest telecommunications company in the country, very close to Entel, with approximately 30% market share. Also, Alicorp, a food and confectionery company with a presence throughout South America, including Bolivia, considers Bolivia a strategic country, according to one of its directors.

Following these is CBN, Bolivia’s main beer and alcoholic beverage company, which currently holds nearly 80% of the market share. It’s highly successful due to the widespread prevalence of alcohol consumption in Bolivia. Despite this, CBN does not export its products. We also have Comibol, a government-owned mining company with over 60 years of experience extracting various types of resources.

Next is the country’s largest bottling company, which also bottles Coca-Cola products, among several other soft drinks. However, this company doesn’t produce the American soda; it only bottles it. Finally, we have Pil Andina, which produces the milk consumed in Bolivia, along with all its derivatives. It currently dominates this domestic market.

Size of Bolivian Companies Compared to Other Countries

When comparing Bolivia’s largest companies to those worldwide, for instance, with the Fortune 500, *it becomes evident how comparatively small our Bolivian companies truly are*. Corporations on Fortune’s list average assets in the hundreds of billions of dollars.

We can estimate the size ratio at about 1/250. Therefore, on average, the *largest Bolivian companies are 250 times smaller than the largest companies in the world*. It’s also worth noting that most of Bolivia’s largest companies are operated by the Bolivian government, whereas the world’s largest companies are predominantly private.

Furthermore, only a few banks are among the world’s largest companies, while almost half of the list of Bolivia’s largest companies are banks. This is because the country lacks a highly complex business system and economy that would allow highly specialized companies in different sectors to grow to a truly large scale.

Conclusions

Here, you’ve seen which companies are the largest in Bolivia, according to a study conducted by a well-known economist in our country, based on their total assets, annual income, and sales revenue. You’ve observed that the largest companies are either government-owned or banks, with the exception of San Cristobal Mining.

You’ve seen that the largest are YPFB, Banco Mercantil Santa Cruz, ENDE (National Electricity Company), Banco Unión, Banco BNB, and so on, all with total assets in the $5 billion to $15 billion range. By annual income, the largest are CBN, ENDE, Entel, YPFB Transporte, and San Cristobal Mining, with incomes ranging from $50 million to $200 million.

You’ve also learned that, by sales revenue, the largest companies are YPFB, YPFB Refinación, Entel, Tigo Bolivia, and San Cristobal Mining, with revenues ranging from $0.6 billion to $6 billion.

Finally, you’ve seen that when comparing Bolivia’s largest companies to those overseas, the former are approximately 1/250th the size of the largest companies on, for example, the Fortune 500 list. Despite this, Bolivia’s largest companies are crucial to its economy and represent a major source of income for the country and its citizens.

We hope this information has been helpful. If you’d like to learn everything about the Bolivian economy, including all the facts, figures, history, and current situation, please visit our dedicated guide here: [Link]

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