Banco de Crédito del Perú Upgrades Miami Agency to Full Bank Branch

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On 27 August 2026, Banco de Crédito del Perú (BCP) announced that its Miami office in Coral Gables transitioned from a restricted agency to a full bank branch, following Federal Reserve Board approval granted on 24 April 2026. This conversion enables the institution, which operated as an agency since 2002, to accept wholesale deposits from United States sources for the first time. While the branch remains prohibited from accepting insured retail deposits under $250,000, it can now provide corporate accounts, treasury products, and lending services to companies incorporated in the United States.

Consequences

Chief executive Mark Talbot stated that the licensing change allows the bank to expand its corporate client base, with a target of approximately 100 new corporate clients by 2027. The branch will focus on operating as a corporate and treasury hub rather than a consumer-facing retail bank.

Sources

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