Peru’s BCP Turns Its Miami Agency Into a Full Bank Branch
Banco de Crédito del Perú has converted its Coral Gables agency into a state-licensed branch. The change lets it take wholesale deposits from US sources for the first time. The post Peru’s BCP Turns Its Miami Agency Into a Full Bank Branch appeared first on The Rio Times .
On 27 August 2026, Banco de Crédito del Perú (BCP) announced that its Miami branch has been upgraded from an agency to a full banking branch. This change took legal effect in July, allowing the Miami office to accept deposits from US citizens and residents, marking a significant expansion of the bank's services. The Miami office, located in Coral Gables, a city within Miami-Dade County, had been operating as an agency since 3 September 2002, when Florida granted it the necessary licensing.
Under United States law, an agency is restricted from accepting deposits from US citizens or residents, while a branch is permitted to do so. This distinction is crucial, as the conversion from agency to branch enables the Miami office to cater to corporate clients by offering wholesale deposits and other financial products. Mark Talbot, chief executive of BCP Miami, stated that the bank aims to attract approximately 100 new corporate clients by 2027.
The change was approved by the Federal Reserve Board on 24 April 2026, which approved the establishment of a state-licensed branch in Coral Gables, Florida. Credicorp's annual report highlights that the Miami branch will primarily focus on corporate accounts in dollars and euros, payments, treasury products, and company lending. The Federal Reserve Board's approval is documented under banks, foreign, in their weekly record of actions.
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