The Banking Association, name with which ASOBAN is born to institutional life, is created on May 22, 1957, “for the purpose of solidarity and cooperation, to boost the development of banking business in the country according to the objectives set forth in its statute ”, as established in its foundation charter. In this first meeting, the first Board of Directors is formed with Mr. Enrique Arellano, President, Rufo Miranda, Vice President, Hugo Zuazo, Secretary and Oswaldo Siles and José Daniel del Castillo as Members. The recognition of the legal status of the Association, through Supreme Resolution No. 75168, occurs in October 1957. Eleven years later, on March 9, 1966, through Supreme Resolution No. 07546 the Association changes its name to the Association of Private Banks of Bolivia.