The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

LATAM: Foreign banks open a second front

Further consolidation in Latin America’s banking industry is expected on the back of strong economic growth and financial stability. Foreign banks, which were active acquirers in the 1990s, are expected to play a big part in this. Leticia Lozano reports.

    ... more on Latin America


THE NUMBER OF products on offer at Peru’s top bank, Banco de Crédito del Perú, is overwhelming, as are the queues of people eager to buy them. Bustling retail branches sell internet banking and small business loans, financing for auto purchase and university education, credit cards and mortgages, and life and health insurance.

With BCP’s customer base growing steadily, it is the kind of business that helped Peru’s 12-bank system double its profits in 2005 to $430 million, a small market but one that underscores Latin America’s huge potential. Unsurprisingly then, European and north American banks want more of the action. “This is a fast-developing market and what keeps us ahead is our client focus,” says Aida Klessman, BCP’s head of investor relations. “But you can never be certain we won’t be taken over by a foreign challenger.”

Canada’s Scotiabank was among the latest foreign banks to swoop in on the region, buying Peru’s profitable but debt-laden Banco Wiese Sudameris from Italy’s Banca Intesa late last year, adding to the banks in Mexico, the Dominican Republic and El Salvador already in its portfolio.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree