Bank of Tokyo-Mitsubishi, Bladex to Open Peru Units

Bank of Tokyo-Mitsubishi UFJ Ltd and Banco Latinoamericano de Comercio Exterior SA will open offices in Peru, as high profit margins lure foreign banks to the Andean country, Banking Superintendent Felipe Tam Fox said.

Bank of Tokyo-Mitsubishi, a unit of Mitsubishi UFJ Financial Group Inc., plans to open its office in February and eventually provide personal and corporate banking services in Peru, Tam Fox told reporters in Lima. The Tokyo-based firm will establish a chain of small banks to bolster trade between Japan and Peru, which will sign a free-trade agreement “soon,” he said.

Banco Latinoamericano de Comercio Exterior SA, the Panama- based lender known as Bladex, will be among the first to open an office in Peru, Tax Fox said. Bancolombia has requested authorization to open a financial entity in Peru while the Industrial and Commercial Bank of China Ltd and Bank of China Ltd are also interested in entering the country, he said.

Peruvian banks may increase net profits 25 percent this year, Tam Fox said. “That’s a big attraction for foreign banks coming to Peru. We want more banks to come here to facilitate competition and lower interest rates.”

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