Banco de Credito (BCP), Peru’s largest and oldest bank, is preparing for an influx of foreign capital in the country as the country expects robust economic growth to continue for the next few years.
Building on its microfinance business over the last decade, BCP has expanded its network to more than 237 branches across Peru and began trading its shares in the Lima stock exchange as well as on Wall Street.
BCP CEO Walter Bayly said: “We’re a bank that has a long history of knowing the market. This is a bank that has gone through all of the cycles of the Peruvian economy. We’re well-connected and international in nature.”
With the growth of the middle class in Peru, the banking institution has also seen a higher demand for low-income loan mortgages and wealth management services. Aside from acquiring microfinance company Edyficar, the bank also launched a mutual funds company (Credifondo) and a stock brokerage firm (Credibolsa).
“We are seen as the clear leader of the financial sector. We need foreign investment and we’re looking at having a relationship with every major financial institution in Asia as there has been a lot of commodity trades in the region,” said Bayly.
As part of its diversified activities, BCP also has a stake in MMG Ltd., a base metals mining and exploration company, owned by China Minmetals, that operates the Las Bambas copper development project in the Apurimac region of Peru.
While it hopes to attract more business from Asia, BCP continues to grow because of its relationship with its neighbors from the Pacific Alliance, a trade bloc composed of Chile, Columbia, Mexico and Peru.