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Report: Banco Ripley Peru to open 40 financial stores in 3 years, CEO says

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Report: Banco Ripley Peru to open 40 financial stores in 3 years, CEO says

plans to open40 financial stores, known as Estaciones R, in the next three years offering bothelectrical appliances and financial products, El Comercio reported, citing comments by CEO René Jaime.

Pilotstores in the cities of Trujillo and Villa El Salvador have generated good results,and the bank aims to open a third store in Chincha by the end of May, the executivesaid. The idea of the stores is that customers who do not use credit cards can purchaseappliances with consumer loans issued by the bank.

"Ifthe board gives its approval, we'll start an aggressive expansion of this chain[of stores]," Jaime was quoted as saying.

In addition,Jaime reportedly said the bank would not engage in an interest rate "war"or implement new strategies to capture deposits in Peruvian soles linked to savingswithdrawn by clients from Peru's private pension funds, or AFPs.

Accordingto a separate El Comercio reportin late April, Peruvian banks have started competing for deposits they expect couldbe released following new legislation that allows senior citizens to withdraw upto 95.5% of their savings from AFPs when they reach the age of 65.

In January,Banco Ripley said it aimsto become one of the three most profitable banks in the country by 2018 by expandingmarket share, growing its product portfolio and strengthening its digital presence.

BancoRipley Perú is a unit of Banco Ripley,which is part of the Chilean retail group Ripley.