HSBC To Enter Peru

UK and Hong Kong-based financial giant HSBC has made a formal application to Peru’s banking superintendency to set up operations in that country. It is thought the bank may be up and running by August this year. Peru currently has 12 banks and the government is open to increasing competition. HSBC had expressed an interest last year in entering Peru’s financial market as part of a move to expand its overall presence in the region. HSBC already operates in Argentina, Brazil and Mexico. Last week it agreed to buy the assets of Lloyds TSB in Paraguay for $15 million.