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Report: Peruvian banking regulator considers stronger regulations for savings and loan cooperatives

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Report: Peruvian banking regulator considers stronger regulations for savings and loan cooperatives

Peru'sbanking regulator, SBS, has proposed strengthening the corporate governance oflocal savings and loan cooperatives, known as cajas municipales, to betterprotect shareholders and clients, Gestiónreported, citing the head of the SBS, María del Socorro Heysen.

Despitethe recent strong growth of these entities, changes are needed in the law thatregulates them so directors and shareholders can make long-term plans, shereportedly told the Peruvian Congress.

"Itis difficult for a [caja municipal] to work with such a short-term vision andhave to compete with private entities that have a long-term vision," shewas quoted as saying.

Inaddition, the role of shareholders should be more clearly defined to allow moreentities to expand and grow, she added.

Perucurrently has 11 cajas municipales with a total 3.34 million depositors and1.24 million debtors. Their total deposits reached 15.3 million Peruvian solesin July 2016, up 13% from a year ago.

As of Sept. 28, US$1 wasworth 3.37 Peruvian soles.