Overview
- U.S. Federal Reserve governors approved Banco de Crédito del Perú’s switch from a Miami agency to an international branch in Coral Gables, clearing a larger onshore presence for the bank.
- The new branch can accept wholesale deposits from U.S. sources, which the prior agency charter could not do under U.S. rules.
- BCP said the branch will focus on corporate accounts and services for U.S. subsidiaries of clients and it does not plan to seek deposits from individual U.S. residents.
- The Fed cited BCP’s roughly $60.2 billion in assets, supervision by Peru’s SBS consistent with Basel standards, and concluded the move would not affect U.S. financial stability.
- Approval comes with strict conditions on transparency and access to information, and the Fed warned it can order BCP to end U.S. activities if it cannot obtain needed data.