Bayly Replaces Morales at BCP

Walter Bayly has been appointed CEO of Banco de Credito del Peru (BCP), effective April 1 2008, to replace veteran banker Raimundo Morales. “It’ll be a tough act to follow,” Bayly tells LatinFinance. “He has a strong leadership within the bank and in Peru,” he adds. Bayly, currently CFO, has been part of the BCP management team for more than 10 years. Alvaro Correa, head of the offshore operation, will take on his role. Gianfranco Ferrari, head of the Bolivian operation, has been appointed central manager of retail banking, while Diego Cavero will become general manager for Bolivia. To support the transition, Jose Luis Gagliardi will advise the CEO. Morales steps down after 17 years in the position and 27 years at BCP. “He will remain closely linked to [BCP holdco] Credicorp,” says Bayly. The exact role Morales, 61, will have at the bank is unclear, but a board seat and an honorary title is a likely outcome. Carlos Muñoz, deputy CEO, will also retire in March 2008. BCP reported record results for the end of September, including PES717.6m net profit and an ROE of 33.5%. “These results compare favorably with profits of PES498.5m, and an ROE of 25.4% for the same period last year,” says the bank. Bayly says he does not anticipate any strategic changes at BCP.