The financial services sector has experienced a significant amount of growth in Peru and Asia in recent months.

Five foreign banks have revealed plans to establish operations in Peru, suggesting a rising trend in the region. These companies comprise Panama-based Bladex, Bancolombia and three Asian banks, Mitsubishi Tokyo, Industrial and Commercial Bank of China and China State Bank.

Advertisement

The moves come in the context of greater interaction between Peru's banks and the Asian market, following Peru's Interbank opening operations in China in co-operation with the Bank of China earlier this year. Furthermore, BCP, Peru's largest bank, signed a deal with the Export-Import Bank of China to facilitate trade flows between both countries.

Similarly in Asia, strong economic growth and spiralling personal fortunes are attracting Swiss private banks and wealth management companies to the continent. Firms such as Generali, Julius Baer and Sarasin have all pushed ahead with Asian growth plans in the past few months.