Alfin Banco Acquires Majority Stake in Peruvian Bank and Expands Presence: Latest News and Analysis

2024-01-28 21:01:52

The group will have a participation of up to 76.1% of the bank’s shares, as communicated by the latter to the Superintendency of the Securities Market (SMV).

According to the bank, last week it received notification from the financial system regulator regarding the aforementioned permit, through resolution SBS 00200-2024.

According to Alfin Banco, the announcement is related to the increase in the share capital of that institution, adopted at the general meeting of shareholders on October 26 of last year.

Presence of Alfin Banco

Alfin Banco has been present in Peru since November 2021. Since that date, the bank made structural changes to its value proposition and began a capital strengthening plan.

The institution (former Banco Azteca) has managed to consolidate its growth focused on banked clients with low and moderate risk profiles.

READ ALSO: Bank profits now fall and align with economic decline

Banks operating in the country

There are 17 banks in the local financial system: BBVA, Banco de Comercio, Banco de Crédito del Perú (BCP), Scotiabank, Citibank, Interbank, Mibanco and Banco GNB.

Banco Pichincha, BanBif, Banco Falabella, Banco Santander, Banco Ripley, Alfin Banco, Banco ICBC, Bank of China and Banco BCI also participate.

Financial institutions raise monetary resources from the public (surplus agents) and lend to their clients (deficit agents).

Thus, in the case of savings, the Deposit Insurance Fund (FSD) protects deposits in the various financial entities, supervised by the SBS, up to a limit.

At the beginning of last December, the SBS updated the maximum amount of FSD coverage to S/123,810 for the period December 2023 – February 2024, which implied a decrease of S/ 389 compared to the previous quarter (S/124,199 for the period September 2023 – November 2023).

READ ALSO: Fitch: Adequate liquidity in banks is necessary in the face of new capital requirements

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