China's top lender ICBC to add Peru to expanding Latin America operations
Published on Jan 30, 2014 9:47 AM
LIMA (REUTERS) - China's ICBC, the country's top lender, will start operating in Peru next week as part of a bid to finance local exporters while expanding its operations in South America, the Lima stock exchange said on Wednesday.
Industrial and Commercial Bank of China, one of the largest banks in the world in terms of assets, secured a license to operate in Peru last year and will start lending to Peruvian companies - particularly exporters - as of Feb. 6, the exchange said in a statement.
"The entry into Peru strengthens our mandate to develop our business in the Pacific region," Eduardo Patsias, the deputy manager of corporate banking for the bank's Peruvian unit told local media.
ICBC will mainly compete with Canada's Scotiabank and Spain's BBVA Banco Continental, as well as local lenders Interbank and Banco de Credito del Peru.
To continue reading, log in if you are a subscriber
If you are not a subscriber, you can get instant, unlimited access here