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Report: Peru's Caja Piura considers acquiring 2 fellow savings and loan associations

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Report: Peru's Caja Piura considers acquiring 2 fellow savings and loan associations

Peruvianmunicipal savings and loan association Caja Piura is considering acquiring atleast two other savings and loan associations that are in poor financialcondition, El Comercio reported July19.

Althoughacquiring other savings and loan associations is not part of Caja Piura'sexpansion strategy, it may do so to protect the sector's reputation andmaintain confidence in the financial system, Caja Piura credit manager PedroTalledo reportedly said.

Inparticular, Caja Piura has offered assistance to Caja de Paita in the past, butcould consider buying the firm in 2018 if its performance remains poor through2017, Talledo said.

CajaPiura is also evaluating the possible purchase of Caja del Santa, pending a reviewof its performance, he added.

CajaPiura is the third-largest municipal savings and loan association in thecountry with a 14.43% market share, according to Peru's Federation of MunicipalSavings and Loan Associations, Fpcmac, and has enough liquidity to financepossible acquisitions, according to the report.