November 7, 2017 |
On the back of an economic slowdown caused by depressed commodity prices, Peru’s financial institutions have been forced to adapt to a new normal. After nationwide GDP growth rates topping 5% annually, Peru is slated to grow at roughly 2.8% this year, according to government data. Interbank, however, exercised prudence throughout the slowdown and focused on improving its underwriting standards in retail banking. The lender also increased its overall market share, Interbank CEO Luis Felipe Castellanos tells LatinFinance. The bank grew total assets to $42.2 million at the end of last year, up from $41.4 million a year earlier. Interbank also edged out last year’s winner, Banco de Crédito del P
Peruvian lender weathers an economic slowdown to increase total assets and shift its focus to the growing insurance sector.