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The History Of Banks And The Banking System In Peru

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Banco Internacional del Perú was founded on May 1, 1897, and began its operations on May 17, 1897 with a Board of Directors presided over by Mr. Elías Mujica. Its first store was located on Espaderos Street, today Jirón de la Unión.

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In 1934 the process of administrative decentralization began, with Chiclayo and Arequipa being the first agencies to open, followed a year later by those in Piura and Sullana.

The policy of expansion intensified considerably in 1942, with the acquisition of a property in Plazuela de la Merced and another one in Calle Lescano, where the “Sede La Merced” building was built, whose beautiful finishes have led the National Institute of Culture to classify it as a Historical Monument.

In the past, the bank’s shareholders included capital linked to agribusiness, such as La Fabril S.A. and W.R. Grace Co. In the 1970s, the Chemical Bank of New York became a shareholder and was responsible for the management of the bank. In 1970, Banco de la Nación acquired the largest percentage of the bank’s shares, thus becoming a member of the country’s Associated Bank. In 1980 the bank was renamed Interbanc.

On July 20, 1994, a financial group led by Dr. Carlos Rodríguez-Pastor Mendoza, and made up of large investors such as Nicholas Brady (former U.S. Treasury Secretary), among others, became the bank’s main shareholder when it acquired 91% of the available shares.

In 1996 it was decided to change the name to Interbank, starting a new way of doing banking in Peru, and with the objective of turning each agency into a real financial store where just by entering, the customer felt that they could access a different, reliable and solid bank. A place where I could find financial products and services offered with the necessary advice and special, agile, convenient, close and innovative attention.

The inauguration of the Interbank Tower headquarters, located between Javier Prado and Paseo de la República avenues, in 2001, marks the beginning of a new era, with better integrated services and advanced technology.

In 2005, the Money Market stores were implemented within the Peruvian Supermarkets, oriented to offer banking services in extended hours from Monday to Sunday from 9:00 a.m. to 9:00 p.m. An unprecedented initiative in the national financial system.

From early 2007 to late 2008, Interbank undertook an aggressive growth process that sought to double its distribution network. As a result, the number of Interbank stores increased from 111 at the end of 2006 to 207 at the end of 2008. Likewise, the number of ATMs increased from 701 to 1,400 in the same period.

In 2007, Interbank’s expansion included the opening of the commercial representation office of the then Interbank Group in Shanghai with the aim of contributing to boosting commercial exchange with China. This was the first office of a Peruvian company in the Asian country.

As a result of the bank’s strong growth and performance, in 2010 the three main risk rating agencies rated it as an investment-grade company. This allowed for two major debt issues in international markets.

In March 2012, Interbank continued to innovate its international offering by opening its Commercial Representative Office in Sao Paulo, Brazil, Peru’s fifth largest trading partner. With this major step, Interbank seeks to assist both Peruvian and Brazilian entrepreneurs in closing successful deals and identifying investment opportunities.

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