From The Report: Peru 2014
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With a banking penetration rate hovering around 30% and an expanding middle class, Peru represents a solid growth opportunity for the banking industry. Lending activity jumped by 23% in 2012, with much of this coming from a rise in consumer and retail loans. The banking sector is forecast to continue to expand rapidly, with loan growth projected at between 15% and 20% in 2013. While rapid expansion has generated concerns over a possible overheating of the sector, new lending regulations are set to cool credit growth and help ensure sustainability. In addition, the rise of mobile banking has improved access significantly, while correspondent agencies now offer a wider range of services. This chapter contains interviews with Julio Velarde, President of the Central Reserve Bank of Peru, and Walter Bayly, CEO of Banco de Crédito del Perú.