Banco de Crédito del Peru (BCP) is the most formidable retail bank in the country, thanks to a systematic charge for Peru's underbanked population over the past years using a number of creative tactics. These have earned it geographic and demographic ubiquity, and most importantly, they position BCP for continued dominance.
"BCP has been diversifying into retail in a very competitive way," says Diego Alcazar, a financial institutions analyst at Fitch. "They've gotten their foot in the door with consumers by leveraging their corporate relationships and cross selling products," he adds. Alcazar notes that as the bank has focused on breaking into consumer credit, payroll services, mortgages and auto loans, it has looked to customize each product to its target consumer. Mortgages are tailored to high and low income borrowers and are delivered to them through distinct channels, via agencies or contracted mortgage brokers.
"We see a...
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