PERU - Deutsche Bank has moved into Peru to expand its local presence and offer international institutional clients direct access to the market.
Jose Miguel Alcalde, chief country officer for Chile and Peru, Deutsche Bank, said: "Peru is a vibrant and growing economy, and we see a great deal of opportunity here,"
"As a licensed Peruvian bank we can now offer our international clients a wide variety of options to invest in Peru and we can continue to build our platform and expand the range of services we can offer in the Andean Region," Alcalde said.
Deutsche Bank received a banking licence last month and can participate in Peru's foreign exchange, government bond and derivatives markets.
Seth Waugh, CEO, Deutsche Bank Americas, said the country had tremendous long-term growth potential.
Waugh commented: "Emerging markets are an important and fastgrowing part of Deutsche Bank's global franchise and this investment in Peru will further extend our reach in Latin America."
In March, JPMorgan moved further into the South American market, having secured custody services for Peru's Central Securities Depository and the Central Securities Depository of El Salvador (CEDEVAL).
The firm said the move marked a definite push into South America and added it intended to work closely with pension funds and other central banks in the future.
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