Peru is only slowly recovering from a battering of several years of political turmoil, stalled economic restructuring, global and regional recession, a commodity price slump and the worst El Niño season for a generation. The optimism that suffused the Peruvian banking sector in September 1994, when Banco Wiese listed on the New York Stock Exchange at $19.75, is gone along with the listing itself: BWP was delisted in April 2001, at 40 cents a share.
The bank that carries the Wiese name today is a far cry from the venerable local franchise that was listed seven years ago. The most important development in the bank's recent history was the takeover, in 1999, by Banco de Lima Sudameris. Banco de Lima had had a small but successful franchise and a substantial shareholding from Crédit Lyonnais. Banque Sudameris, the Paris-based subsidiary of the then Banca Commerciale Italiana, next used Banco...
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