The Andean Development Corporation (CAF) has granted a US$50mn revolving line of credit to Scotia Bank Peru, the third most important bank in the country.


Approval of the credit is part of the CAF strategy to back, through financial institutions, the short and medium-term financing needs of companies in low risk sectors with high-value added in member countries.


The corporation uses the banks to irrigate funds to small and medium-sized enterprises in this situation of sustained growth. The new CAF approval joins others previously granted to the financial system of the country, creating confidence and commitment to this important Peruvian sector.


Scotiabank Peru is the third largest bank in the country, the result of the merger of Banco Wiese Sudameris (BWS) wth Banco Sudamericano in May 2006, after acquisition by the Canadian-based Bank of Nova Scotia (Scotiabank) of the majority block of shares.


Scotiabank Peru which provides multiple banking services with emphasis on retail banking, has rapidly positioned itself as the institution with the largest number of customers in the system (21.8% of the total), served through its extensive network of 140 offices and 3,746 employees.