BCP Expands U.S. Footprint as Federal Reserve Approves Miami Banking Branch
Banco de Crédito del Perú (BCP), Peru’s largest bank, has received authorization from the U.S. Federal Reserve to transition its operational presence in Florida from an agency to a full banking branch. The decision, which became effective on April 24, 2026, allows the institution to significantly broaden its operational capabilities within the United States market.
Located in Coral Gables, Florida, the new branch status grants BCP the authority to accept wholesale deposits, a critical function that was prohibited under its previous agency designation. This strategic shift is designed to support the bank’s internationalization efforts, specifically targeting corporate clients and companies already linked to its existing portfolio.
To maintain a focused institutional strategy, BCP has stated that it does not intend to solicit deposits from individual residents of the United States. Instead, the branch will continue and expand the existing business of the Miami Agency, maintaining a strict focus on corporate accounts.
In its evaluation, the Federal Reserve highlighted the progress Peru has made in strengthening its national regulatory framework in recent years. The regulator specifically noted the implementation of financial conglomerate supervision and the adoption of standards aligned with the Basel Accords. The Fed concluded that BCP’s capital “exceeds the minimum required levels” and is comparable to the requirements imposed on banking entities operating within the United States.
The approval process included a public comment period announced in The Miami Herald, during which no objections to the application were received. The regulator confirmed that the request complied with all U.S. Regulatory requirements for foreign banks.
This expansion underscores BCP’s growing regional influence and financial stability. As of September 30, 2025, the bank reported assets totaling approximately USD 60.2 billion, providing a robust foundation for its increased formal presence in the U.S. Financial system.
