Continental's Sepymex issues US$10mn in credit

Peru's BBVA Banco Continental has issued close to US$10mn in credit to export companies over the last four months backed by the government-sponsored export loan insurance program Sepymex, local news service Andina reported. The Sepymex export loan insurance program came into operation last February and is now backed by the participation of BBVA Banco Continental and four other of the country's major banking players: Banco de Crédito, Banco Wiese Sudameris, Banco Sudamericano and Interbank. "These credit lines have been mostly directed to export companies within the agro-industrial, wood manufacturing, chemical, non-traditional fishing and textile segments," Continental's foreign trade manager Karina de Ramsey was quoted as saying. Continental's total credit operations covered by the Sepymex program have reached approximately 230 with the average loan hitting around US$40,000, she said. Peru's banks threatened to freeze export loans last year unless they were properly insured. Banks were reportedly holding up US$3.1bn until financing risks were addressed. Continental is Peru's second largest bank with total assets of 12.6bn soles (US$3.4bn). Spanish financial group BBVA (NYSE: BBV) is Continental's controlling shareholder.