Venezuelan billionaire Victor Vargas, owner of BOD Financial Group, has proved over the past several years that a growth-focused, diversified career is vital to successful financial leadership during economic downturns in Latin America.
In recognition of his efforts, Vargas in June was awarded the title of Latin America Entrepreneur of the Year by The Executive magazine.
Vargas steered BOD Financial through rough financial waters, succeeding during the slow economic recovery period in creating significant growth through a two-pronged strategy: create and maintain a strong financial foothold and heavily invest in local communities.
While most of Latin America has experienced an uneven and slow economic recovery, BOD Financial Group — a conglomerate of banking, investment and insurance firms — has been an exception. The fourth-largest bank in Venezuela and the 34th-largest in all of Latin America is also the sixth-largest issuer of American Express credit cards in the world.
This month, World Finance magazine wrote that Vargas is "one of Venezuela’s most successful entrepreneurs, not simply for the large number of companies he has acquired but also for his commitment to the country and his contribution to the development of the national economy."