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Chile's BCI to expand into Peru, bolster US presence

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Chile's BCI to expand into Peru, bolster US presence

Chile's Banco de Credito e Inversiones SA plans to establish a new banking unit in Peru as part of the company's broader international expansion strategy.

The company's board on Sept. 24 approved the creation of the new Lima-based subsidiary, to be called Banco BCI Peru. The entity will be registered with the Peruvian superintendence of public registries and Lima stock exchange, according to a filing.

BCI will own 99.9% of the Peruvian unit's shares, while BCI Asesoría Financiera SA will hold the remaining 0.1% stake.

The move is subject to approval by Banco Central de Chile.

The Peruvian expansion came as BCI separately announced that it would further bolster its presence in the United States by acquiring Florida-based Executive Banking Corp. and its Executive National Bank unit. The Chilean bank said that it will merge the new acquisition, which represents a $75 million investment, into its existing Florida-based units, BCI Financial Group Inc. and City National Bank of Florida.