Today, the ratio of non-performing loans stands at just 2.3% and the 12-bank market has become attractive enough to entice such players as Canada’s Scotiabank and the UK’s HSBC.
Scotiabank, Canada’s number three bank by assets, late last year paid about $330 million to take over profitable but debt-laden Banco Wiese Sudameris from Italy’s Banca Intesa and to increase its minority stake in Banco Sudamericano to a controlling share. Scotiabank plans to merge the two as part of its Latin American expansion plan.
According to Peru’s central bank, HSBC has registered a request to set up shop in Peru and could begin operations in the first quarter.
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