BCI Group: Expansion in Peru, New Holding Company & Impact of Global Conflicts
Chilean financial group Banco de Credito e Inversiones (Bci) plans to more than triple its loan portfolio in Peru to US$4.5 billion, fueled by investments in corporate and structured finance, according to Ignacio Yarur Arrasate, President of BCI Group. The expansion comes as Bci restructures its holdings with the creation of a new parent company, BCI Group, and a strategic shift regarding its U.S. Subsidiary, City National Bank of Florida.
Yarur, in an exclusive interview, stated the bank currently holds US$1.5 billion in loan placements in Peru. Achieving the US$4.5 billion target will require significant investment, not only in existing products but also in expanding corporate and structured finance capabilities, which generated US$600 million in credit originations in the Peruvian market last year.
The restructuring, announced in December 2024, involves establishing BCI Group as a Chilean corporation listed on the stock exchange. BCI Group will encompass BCI Chile and BCI Peru as primary assets. City National Bank of Florida, acquired by Bci in 2024, will be separated from BCI Chile and operate as a subsidiary of BCI Group. This move is intended to unlock capital for further expansion in both Chile and Peru, according to Yarur.
“This will allow us to better utilize capital used outside of Chile due to the fact that every dollar lent in the United States is very expensive in terms of capital in Chile,” Yarur explained. Chilean regulations limit investment in any single foreign country to 40% of the bank’s effective equity. While Bci’s current U.S. Exposure is around 30%, the bank anticipates growth in Florida and aims to avoid future regulatory constraints.
The creation of BCI Group will involve seeking authorization to list on the Santiago stock exchange and obtaining approval from U.S. Regulators to operate as a banking holding company. Yarur anticipates this process will take approximately three months. Following this, BCI Group will launch a tender offer for any outstanding minority shares in BCI Chile, aiming for full ownership.
BCI intends to double its product offerings and workforce in Peru over the next three years, adding to its current staff of 90 employees. The bank will focus on expanding its capabilities in treasury operations, technology, and talent acquisition. New technological platforms, successfully implemented in Chile, including 360 Connect and confirming platforms, are being rolled out in Peru.
Despite the current global conflicts, Yarur expressed confidence in Peru’s economic resilience and the long-term viability of Bci’s investment. He highlighted the potential of Peru’s mining, food production, and clean energy sectors. Bci will continue to focus on the corporate segment, with no immediate plans to enter the retail banking market in Peru, but will work to integrate Peruvian clients into its existing U.S. Platform.
Ignacio Yarur Arrasate currently serves as Chairman of Bci’s Board of Directors, a position he assumed in January 2025, after previously holding the role from 2010 to 2011. He joined Bci in 2004 and has held leadership positions across various business units, including retail, wholesale, and private banking, as well as digital transformation and data analytics. He also gained experience at City National Bank of Florida.