Peru’s Grupo ACP Seeks to Be Top Microfinance Lender in Mexico

Grupo ACP Inversiones y Desarrollo, the Peruvian microfinance lender with operations in 10 Latin American countries, plans to become the biggest provider of small-business loans in Mexico once it converts its Forjadores de Negocios SA unit into a bank.

ACP, which owns Mibanco, Peru’s fifth-largest bank, aims to begin operations as Banco Forjadores in the first quarter of next year and expects it to have “millions” of customers in the medium term, the Lima-based company said in an e-mailed statement today. It received Mexican regulatory approval to establish the bank yesterday.

The Mexican unit lends to female entrepreneurs and will now start offering microfinance loans to all Mexicans.

To contact the reporter on this story: John Quigley in Lima at jquigley8@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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