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Peru banking regulator suspends Financiera TFC's operations

Peruvian banking and insurance regulator SBS said it has intervened at Financiera TFC SA, with the authority immediately suspending the financial company's operations.

Financiera TFC has met the two conditions for an intervention to occur, including a reduction of the company's effective equity to less than half of the legal requirement and a reported decline or loss in its effective assets of over 50% in the last 12 months, the SBS said in a statement.

The bank, which has more than 63,000 depositors, are covered by a deposit insurance fund with a maximum coverage of 100,661 Peruvian soles. The payments will be given starting Dec. 16.

As of Dec. 12, US$1 was equivalent to 3.39 Peruvian soles.