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.