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Credicorp appoints CFO; Banco Agropecuario restructuring; BTG eyes loan growth

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Credicorp appoints CFO; Banco Agropecuario restructuring; BTG eyes loan growth

* Credicorp Ltd. said its board accepted the resignation of Fernando Dasso as CFO and appointed Cesar Rios, who is currently head of financial planning and control at unit Banco de Crédito del Perú, as the new CFO at Credicorp and the unit. The company also appointed Diego Cavero as head of wholesale banking at Banco de Credito, replacing Pedro Rubio. Additionally, Credicorp approved the payment of a cash dividend totaling about 1.34 billion Peruvian soles, or 14.17 soles per share.

* Following heavy losses in 2017, Peru's Banco Agropecuario has started a restructuring process that will result in at least 70 job cuts in March, sources close to the bank told El Comercio.

* Banco BTG Pactual SA sees room to increase lending to large companies and plans to expand its credit portfolio by between 4 billion Brazilian reais and 10 billion reais in 2018, Valor Econômico reported, citing comments from executives. That would mean credit expansion of up to 49%, with BTG's loan portfolio closing 2017 at 21.8 billion reais.

MEXICO AND CENTRAL AMERICA

* Moody's upgraded Banco De Desarrollo De El Salvador's long-term foreign currency issuer rating to B3 from Caa1 and raised Banco Agrícola SA's long-term foreign currency deposit rating to B1 from B2. The upgrades follow a similar action on the sovereign ratings of El Salvador, where both banks are based.

* In its latest quarterly report, Mexico's central bank kept its 2018 economic growth forecast unchanged at between 2.0% and 3.0%, while maintaining its 2019 forecast at between 2.2% and 3.2%. The central bank listed delays in the renegotiation of the NAFTA trade pact among the main downward risks to economic activity.

* The overall loan portfolio of commercial banks in Mexico grew 5.8% year over year in January, with consumer loans expanding 2.7%, El Economista reported, citing central bank data.

* Grupo Financiero Banamex SA de CV CEO Ernesto Torres Cantú said the result of Mexico's presidential elections later in 2018 will not have any impact on the bank's 25.0 billion Mexican pesos investment plan in the country over the next four years, El Economista reported.

* Panama-based Banistmo SA issued $50 million of bonds in the local market under a corporate debt issuance program for up $300 million, La República reported. The bank will use the proceeds to grow its loan portfolio.

CARIBBEAN

* The Dominican Republic's central bank kept its monetary policy interest rate unchanged at 5.25% per annum, projecting that inflation will stay just within its target range amid continued economic growth in 2018.

BRAZIL

* Brazil's central bank and antitrust watchdog Cade signed an agreement establishing a framework for the analysis of mergers between financial institutions, Valor Econômico reported. The deal ends years of dispute between the two entities over their respective roles in evaluating M&A activity in the financial sector.

* Banks in Brazil are reluctant to transfer cuts in the benchmark Selic rate to real estate financing due to persistent concerns about the frailty of savings as a source of funds, O Estado de S. Paulo reported, citing industry executives. Savings deposits have long been the main source of financing for real estate loans in Brazil.

ANDEAN

* Banco GNB Perú SA said it acquired the first segment of the Mivivienda mortgage portfolio managed by Edpyme MiCasita SA on Feb. 28. The bank carried out a portfolio transfer of 49 mortgage loans worth about 4.5 million Peruvian soles, noting that it will also assume liabilities of about 1.7 million soles related to the acquired portfolio.

* The former head of Brazilian construction firm Odebrecht's operations in Peru has testified that he donated funds to Peruvian President Pedro Pablo Kuczynski's election campaign in 2011, Reuters reported, citing comments from an attorney for opposition party leader Keiko Fujimori. Kuczynski has repeatedly denied receiving money from scandal-plagued Odebrecht.

* Grupo de Inversiones Suramericana SA plans to invest $150 million in 2018, mainly in its insurance and pension business in Latin America, Reuters reported, citing Ricardo Jaramillo, the company's vice president for finance. Grupo Sura also wants to lower its debt to between 10% and 12% of its loan-to-value portfolio within two to three years from 15% currently, the executive said.

* Grupo Aval Acciones y Valores SA said it will propose to shareholders a cash dividend of 4.00 Colombian pesos per share, payable every month from April 2018 to March 2019.

SOUTHERN CONE

* Argentina's economy grew 2.8% in 2017, recovering from a contraction of 2.3% in 2016, according to data from national statistics agency INDEC. In December 2017, economic activity in the country registered a 0.6% month-over-month rise and a 2.0% year-over-year increase.

* Argentina's government placed 58.3 billion Argentine pesos in two inflation-indexed bonds on Feb. 28, El Cronista reported. One of the bonds carries a two-year maturity while the other is due in five years.

* Banco Bilbao Vizcaya Argentaria Chile SA's chief economist, Hermann González, has agreed to join the new Chilean government's Finance Ministry as macroeconomic coordinator, Pulso reported.

PAN LATIN AMERICA

* U.S. President Donald Trump is willing to negotiate the country's return to the Trans-Pacific Partnership, Bloomberg News reported, citing Treasury Secretary Steven Mnuchin. Chilean President Michelle Bachelet, who will host the signing of a TPP agreement in March, has said the U.S. should be prepared to accept the treaty as it is if it hopes to rejoin.

IN OTHER PARTS OF THE WORLD

* Middle East & Africa: Afreximbank eyes triple African listing; Hapoalim ups provision for US tax case

* Europe: Commerzbank gets final offers for unit; AIB, Dexia post FY'17 results

Helen Popper contributed to this article.

The Daily Dose has an editorial deadline of 8:00 a.m. São Paulo time, and scans news sources published in English, Portuguese and Spanish. Some external links may require a subscription.