Increased Competition Expected as โฃSeven โฃFinancial โEntities Eye Peruvian Market, Bank โCEOs Express Growth Concerns
LIMA – PeruSโ financial โsector is bracing โfor increasedโ competition with the anticipated entry ofโค seven new financial entities, while current bank leaders voice frustrationโข over unrealizedโ economic potential and call for improved โคfiscal disciplineโ and infrastructureโฃ investment. The advancement comes โas existing bank โขCEOs โขagree that greater competition will โคultimately benefit both theโข financial โฃsystemโค andโ consumers.
The potential influx of new playersโค underscores a dynamic โshift in the Peruvian financial landscape. However, despite optimistic โprojections โคtied to high commodityโข prices, leading bankers express โconcern that Peru is substantially โคunderperforming itsโ economic capacity. Diego Cavero, CEO of Banco de โCrรฉdito del Perรบโฃ (BCP), stated the countryโข should be growingโฃ at a rate of 7% to 8% given current commodity price levels, but currently anticipates only 3% growth, acknowledging, “(โฆ) Frustrated because we must growโ much more.” โฃ
Cavero also highlighted the prudent risk management practices within the financial system and BCP’s focus on diversification, facilitated by โthe rise of digital transaction channels like Yape. Carlos Tori, CEO of Interbank, emphasized โthe need for “coherence between theโ MEFโ and Congress regarding fiscal discipline,” while Sebastian Arcuri, CEO of Scotiabank Peru, drew โขattention to the country’s substantial infrastructure deficit, estimatedโ atโ over US$100โ billion.
The discussion unfolded amidst rising โconcerns over banking fraud,โข prompting collaboration between the BCR, MEF, and SBSโข to โaddress emerging threats.
