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BANCO DE CRÉDITO del Peru is one of Latin America’s most successful local banks. In 2008, it reported a 27.7% growth in profits as Peru’s economy managed to withstand the global economic storm. This year the performance of both the Andean country’s economy and BCP have been more muted, with the bank’s earnings likely to be flat. Still, chief executive Walter Bayly is confident about BCP’s outlook for next year. He notes that Peru’s GDP, to which the bank’s earnings are highly correlated, should grow by about 5% in 2010 compared with 1.8% to 2% this year. As a result the bank’s portfolio should triple next year.
BCP is one of a rare breed in Latin America in that it is a locally owned top-three bank in its respective market. The bank’s biggest shareholder is Credicorp, a holding company, which has a 20% stake. Bayly, who is also chief executive of Credicorp, says that although management has no plans to sell the bank, that might change if it receives an offer that makes sense for its shareholders. He adds that BCP has never received an offer from an international bank in the 15 years that he has worked there.