The new entity aims to become a significant player in the corporate banking market.
The Association of Banks of Peru has announced the entry of BCI Peru as a new member starting in October, making it the 17th bank to join the association.
A subsidiary of Banco de Crédito e Inversiones (BCI), BCI is one of the most important banks in the financial system of Chile. The Peruvian subsidiary has been operating since July this year, following authorization from the Superintendence of Banks, Insurance, and AFP (SBS).
The new entity aims to establish itself as a key player in the corporate banking market, backed by over 80 years of experience in the neighboring country.
“The milestone of its entry is a clear sign of confidence in our market, contributes to strengthening competition, and helps offer more alternatives to individuals and businesses,” said Martín Naranjo, president of the Association of Banks of Peru.
The financial sector is accelerating its progress in terms of inclusion in Peru. According to NEI, between 2019 and 2022, the percentage of Peruvians with bank accounts increased from 44.1% to 53.2%. There is, however, much work to be done. The entry of more operators into the country helps strengthen the system and offer more opportunities to users.
“There are now 17 banking entities grouped in the Association of Banks of Peru. This coordination platform aims to achieve greater inclusion through efficient and secure financial services for the benefit of businesses and individuals in Peru,” Naranjo added.
Banco de Crédito e Inversiones (BCI) was founded in 1937 in Chile. It has operations in Chile, the United States, representative offices in Mexico, Brazil, Colombia, and China, and now operates in Peru.
