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By InvestorPlace Staff

As investors are pulling out their hair watching stocks plummet in the stock market, there are some emerging market stocks doing quite well. And one sector that continues to improve in many regions is, strangely enough, financials. That's because as emerging economies build infrastructure and get businesses up to speed, they rely on loans to finance rapid growth. Similarly, emerging middle classes sock away more cash in banks as they have more disposable income and a desire for greater financial security.

Here are seven foreign financial stocks that have each seen values soar this summer, producing year-to-date returns for investors that all top +20%. While big bank stocks in the U.S. are flopping, financial stocks in South America and India are enjoying some impressive success in 2010.

Emerging market investors may want to take a close look at these financial stocks right now.

CorpBanca S.A. (BCA)

Market Cap: $2.75 billion

Location: Chile

Year-to-Date Return: +43.16%

CorpBanca SA


is a Chile-based bank providing a range of commercial and retail banking services to its customers. This financial stock is on fire this summer with shares up more than 19% in the past three months compared to flat returns for the Dow.

So far, for all of 2010, BCA has gained +43%. Add to those impressive gains a 6.7% yielding dividend paid out to shareholders in March and there is a good chance investors won't be able to resist adding this financial stock to their portfolios.

Banco de Chile (BCH)

Market Cap: $10.67 billion

Location: Chile

Year-to-Date Return: + 43.9%

Banco de Chile

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(BCH) - Get Banco De Chile ADS Report

, as the name implies, is a Chile-based bank that offers a range of banking services to customers, ranging from individuals to corporations. In addition, the Bank offers international banking services and treasury banking services. Just like its hometown counterpart CorpBanca, BCH is riding high on a wave of momentum this summer.

BCH shares have rewarded investors handsomely in 2010, with +44% gains since January. It also appears that healthy dividends are something these Chilean financials share, as BCH treated its investors to 5.1% yielding dividend in March.

Banco Macro (BMA)

Market Cap: $2.25 billion

Location: Argentina

Year-to-Date Return: +27.22%

Banco Macro S.A.

(BMA) - Get Banco Macro S.A. ADR (representing Ten Class B) Report

is an Argentina-based bank that provides standard banking products and services to a nationwide customer base. The Bank has two categories of customers: retail and corporate. BMA has managed to blow past EPS earnings estimates for four consecutive quarters and reached a new 52-week high earlier in August. The Argentinean bank has been a bright spot in shareholder portfolios with a+27% growth on investments since the beginning of the year.

BanColombia (CIB)

Market Cap: $11.74 billion

Location: Colombia

Year to Date Return: +30.98%

BanColombia S.A.

(CIB) - Get BanColombia S.A. Report

is a full-service financial institution that provides a range of banking products and services to a diversified individual and corporate customer base throughout Colombia, as well as in other jurisdictions, such as Panama, El Salvador, Puerto Rico, the Cayman Islands, Peru, Brazil, the United States and Spain. CIB surprised a lot of analysts by beating earnings estimate during three of the past four quarters. This bank stock reached its highest value in years this summer and is currently trading only a few points away from its 52-week high. CIB shares are up +31% since the start of 2010.

Grupo Financiero Galicia (GGAL)

Market Cap: $1.01 billion

Location: Argentina

Year to Date Return: +40.8%

Grupo Financiero Galicia S.A.

(GGAL) - Get Grupo Financiero Galicia S.A. Report

is a financial services holding company. Banco de Galicia y Buenos Aires S.A. (Banco Galicia) is the Company's largest subsidiary. Banco Galicia is a bank that provides, directly or through its subsidiaries, a range of financial products and services.

Shares of GGAL are trading at a much lower price than some of the other financial stocks mentioned here, but just as the others, GGAL has seen a surge this month in share price, reaching a new 52-week high just a few days ago. Currently GGAL stock has increased in value by +41% since January of this year.


Market Cap: $24.33 billion

Location: India

Year-to-Date Returns: +23.28%

HDFC Bank Limited

(HDB) - Get HDFC Bank Limited Report

is an India-based banking company engaged in providing a range of banking and financial services, including commercial banking and treasury operations. As of March, HDB operated some 1,700 branches in 780 cities and 4,200 automated teller machines.

This Indian bank outperformed EPS estimates for the past two quarters and reached a new 52-week high last week. In addition to shares being up +23% year-to-date, it is worth noting that shares are up +63% from this time last summer.

Banco Santander (SAN)

Market Cap: $15.09 billion

Location: Chile

Year-to-Date Return: +28.42%

Banco Santander Chile

(SAN) - Get Banco Santander S.A. Sponsored ADR (Spain) Report

provides a range of commercial and retail banking services to its customers, including Chilean peso and foreign currency denominated loans to finance a variety of commercial transactions, trade, foreign currency forward contracts and credit lines, and a variety of retail banking services, including mortgage financing. Not to be outdone by its Santiago-headquartered competitors, SAN also produced impressive gains so far in 2010. Shares are up +28% since January and the company has smashed EPS estimates for four consecutive quarters.