BBV Continental Wins Concession to Return Serbanco Deposits

Monday, September 11, 2000

Peruvian bank BBV Continental on Friday won a government concession to handle the return of deposits to the customers of intervened bank Serbanco and will begin the process today, an official from the Banking Superintendence of Peru told

The Superintendence intervened Serbanco last Thursday due to an equity deficit of US$5.6mn.

BBV Continental was the bank that offered the highest bid of US$57,260 (199,000 Nuevo Soles) for the right to return deposits, she said. Credito del Peru, Wiese Sudameris (NYSE: BWP) and Interbank Peru also presented bids.

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BBV Continental will use the opportunity to lure former Serbanco clients to BBV Continental, the official said.