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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