Countries › Peru › Guide › 10. Capital markets and finance › Banks and foreign bank branches in Peru: SBS licensing in two stages, minimum capital, shareholder approvals, representative offices, deposit insurance and bank secrecy

Banks and foreign bank branches in Peru: SBS licensing in two stages, minimum capital, shareholder approvals, representative offices, deposit insurance and bank secrecy

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Last verified: 2026-10-28 · Status: Stable

Banks and other deposit takers in Peru must be organized as a sociedad anónima and obtain two separate approvals from the Superintendencia de Banca, Seguros y AFP (SBS): an organization permit and then an operating license, with the central bank giving an opinion on banks first. A bank needs fully paid cash capital of at least S/ 14,914,000 in constant values indexed quarterly, organizers post a 5 percent guarantee deposit, anyone reaching more than 10 percent of a bank needs prior SBS approval, and foreign banks may open branches with capital radicated in Peru on the same terms as local banks. Retail depositors are protected by the Fondo de Seguro de Depósitos up to S/ 123,000 per person per institution for September to November 2026, and banks owe secrecy on deposit operations except for judges, prosecutors, tax and anti money laundering channels set out in the law.

USD figures use S/ 3.452 per US dollar, the banking system selling rate published by the Superintendencia de Banca, Seguros y AFP for 27 October 2026 as shown in the Banco Central de Reserva del Perú statistics series PD04640PD. Amounts the law sets in soles, UIT or dollars are quoted as written; the 2026 UIT is S/ 5,500 under Decreto Supremo Nº 301-2025-EF. Conversions are for orientation only.

Key facts

Bank supervisor	Superintendencia de Banca, Seguros y AFP (SBS) textLey 26702 art. 345 and 347, as of 2026-10-28 · in force
Required legal form for banks	Sociedad anónima textLey 26702 art. 12, as of 2026-10-28 · in force
Minimum paid cash capital, bank (base value, indexed quarterly)	14914000 PENLey 26702 art. 16 A, DL 1531, as of 2022-03-19 · in force
Minimum paid cash capital, finance company (base value)	7500000 PENLey 26702 art. 16 A, DL 1531, as of 2022-03-19 · in force
Guarantee deposit with organization request	5 % of minimum capitalLey 26702 art. 21, as of 2022-03-19 · in force
Central bank opinion period on new banks	30 daysLey 26702 art. 21, as of 2022-03-19 · in force
Stake requiring prior SBS approval	More than 10 % of capitalLey 26702 art. 57, as of 1996-12-09 · in force
Foreign bank branches allowed	Yes, with assigned capital equal to local minimum radicated in Peru textLey 26702 art. 39 and 42, as of 2008-06-27 · in force
Deposit insurance cap per person per institution (Sep to Nov 2026)	123000 PENLey 26702 art. 153, as of 2026-09-01 · in force
Bank secrecy on deposit operations	Yes, with judicial, prosecutorial, SUNAT and AML exceptions textLey 26702 art. 140 and 143, as of 2016-12-31 · in force

The rule

1. Financial and insurance firms must be incorporated as a sociedad anónima unless their nature does not allow it, and their organizers must first obtain from the SBS an authorization of organization and then an authorization of operation, following the procedure the SBS sets by general rule. A company that transforms, converts, merges or splits must ask again for both authorizations for the new type of activity.
Cost to do it: Two SBS filings, notarial deed and gazette publications; capital and the 5 percent guarantee deposit described in the next rules are the main cash items. SBS procedural fees were not verified in this session.
Example: A group planning a Lima consumer bank files first for the organization permit, then incorporates the S.A. by public deed inserting the SBS certificate, then files for the operating license. / For a US$4.3 million minimum capital bank, the two stage SBS process is the gate; incorporating the company alone gives no right to take deposits.Ley Nº 26702, Ley General del Sistema Financiero y del Sistema de Seguros y Orgánica de la Superintendencia de Banca y Seguros (published 9 December 1996), Art. 12, 1996-12-09 official text · verified 2026-10-28

2. The organization application must attach a guarantee deposit certificate, issued by any regulated financial firm to the order of the SBS, equal to 5 percent of the minimum capital, or another instrument with the same purpose that the SBS accepts; it is returned endorsed if the application is denied. For banks, finance companies, municipal savings banks and other firms in literals A, B and C of art. 16, and for electronic money issuers, the SBS asks the Banco Central de Reserva del Perú for an opinion, due within 30 days. The SBS then has up to 90 days after the central bank opinion to grant or deny organization, and the organization certificate must be published once in El Peruano within 30 days or it lapses; it expires two years after issue.
Cost to do it: Guarantee deposit for a bank: 5 percent of S/ 14,914,000 = S/ 745,700 (US$216,020) at the base value, refundable.
Example: Organizers of a new bank lodge a S/ 745,700 deposit certificate to the order of the SBS with their organization request. / The refundable guarantee is about US$216,020 for a bank at the 1996 base capital, higher after quarterly indexation.Ley Nº 26702, art. 21 as amended by Decreto Legislativo Nº 1531 (El Peruano 19 March 2022) and Ley Nº 29985; art. 23, Art. 21 and art. 23, 2022-03-19 official text · verified 2026-10-28

3. Banks and other financial firms need fully paid cash capital of at least: bank S/ 14,914,000; finance company S/ 7,500,000; municipal savings and loan bank S/ 7,500,000; municipal popular credit bank S/ 4,000,000; credit company S/ 678,000; savings and credit cooperatives authorized to take deposits from the public S/ 678,000; rural savings and loan bank S/ 678,000. Investment banks need S/ 14,914,000. The amounts are constant values updated quarterly under art. 18 by the wholesale price index, so the live figure is higher than the base.
Cost to do it: Bank minimum S/ 14,914,000 (US$4,320,394) at base value; finance company S/ 7,500,000 (US$2,172,654).
Example: A sponsor choosing between a bank and a finance company compares S/ 14,914,000 against S/ 7,500,000 of base capital before indexation. / In dollars, roughly US$4,320,394 for a bank and US$2,172,654 for a finance company, before the quarterly update.Ley Nº 26702, art. 16 literal A as replaced by Decreto Legislativo Nº 1531 (19 March 2022); literal C; art. 18, Art. 16 and art. 18, 2022-03-19 official text · verified 2026-10-28 · changed: Decreto Legislativo Nº 1531, published 19 March 2022, rewrote art. 16 literal A (multiple operations firms) and art. 17 and allowed other instruments in place of the guarantee deposit.

4. Foreign financial and insurance firms may set up branches in Peru with prior SBS authorization. A branch must have assigned minimum capital equal to that of local firms doing the same business, radicated in Peru, and its operations are limited by the capital radicated in the country. Foreign investment in financial firms receives the same treatment as domestic capital, and the SBS and central bank may not issue general rules that discriminate between firms established in Peru and similar firms abroad.
Cost to do it: A foreign bank branch needs radicated capital equal to the local bank minimum, S/ 14,914,000 (US$4,320,394) at the base value.
Example: A foreign bank that radicates S/ 20,000,000 in its Lima branch can only grow its Peruvian book within the limits computed on that capital. / A branch is not a cheaper route: capital equal to a local bank must sit in Peru, and the branch's risk limits run off that radicated amount.Ley Nº 26702, art. 5, art. 6, art. 39 and art. 42 (art. 39 and 42 as amended by Decreto Legislativo Nº 1052, 27 June 2008), Art. 5, art. 6, art. 39 and art. 42, 2008-06-27 official text · verified 2026-10-28

5. A foreign financial firm that only wants a representative in Peru needs prior SBS authorization for the representative, who is supervised by the SBS. Representatives may only promote the foreign firm's services among similar local firms to facilitate trade and external financing, among persons buying or selling goods and services abroad, and among potential borrowers of foreign credit or capital; representing an unauthorized foreign financial firm, reinsurer or reinsurance broker exposes the local office to closure.
Cost to do it: No capital requirement for a representative office; it needs an SBS authorization and a public instrument appointing the representative.
Example: A Spanish bank's representative in Lima may introduce Peruvian exporters to the bank's trade finance lines but may not take deposits or sign loans in Peru. / Cross border lending of, say, US$10 million can be originated with the help of an authorized representative while the loan is booked offshore.Ley Nº 26702, art. 43 and art. 45 as amended by Decreto Legislativo Nº 1052 (27 June 2008), Art. 43 and art. 45, 2008-06-27 official text · verified 2026-10-28

6. Anyone who buys, directly or indirectly, 1 percent of a bank's capital within twelve months, or reaches 3 percent or more, must give the SBS the information it requests on its main activities and asset structure. Any transfer of shares that takes a single person above 10 percent of the capital of a financial or insurance firm, counting prior holdings, requires prior SBS authorization; partners of a domiciled corporate shareholder above 10 percent need approval to transfer more than 10 percent of that shareholder, and a non domiciled corporate shareholder must report changes in its own shareholders above 10 percent. Shareholders must meet moral suitability and economic solvency requirements.
Cost to do it: No SBS fee verified; buyers should budget legal and documentary work on source of funds and suitability.
Example: A fund buying 12 percent of a Peruvian bank from an existing shareholder must obtain SBS approval before closing. / The same applies to a US$50 million stake purchase offshore if it moves indirect ownership of the Peruvian bank above 10 percent.Ley Nº 26702, art. 50, art. 52 (as amended by Decreto Legislativo Nº 1052) and art. 57, Art. 50, art. 52 and art. 57, 1996-12-09 official text · verified 2026-10-28

7. Buyers who acquire shares in breach of the ownership limits of art. 52 to 55 pay a fine equal to the value of the shares transferred, must sell within 30 days, and the fine doubles if the breach is not corrected in time. Shareholders who refuse to comply with the information duty of art. 50 or the approval rule of art. 57 may have their rights suspended, including voting and dividends, and their shares are not counted for quorum.
Cost to do it: Fine equal to the value of the shares acquired in breach, doubled if not sold within 30 days.
Example: Shares worth S/ 3,452,000 bought in breach of art. 52 trigger a S/ 3,452,000 fine and a 30 day sale order. / A US$1,000,000 stake acquired in breach costs a further US$1,000,000 fine, or US$2,000,000 if not sold in 30 days.Ley Nº 26702 (published 9 December 1996), Art. 59, 1996-12-09 official text · verified 2026-10-28

8. The Fondo de Seguro de Depósitos covers registered deposits of individuals and private non profit entities in any form, accrued interest, and demand deposits of other legal entities other than financial firms, up to a maximum per person in each member institution, adjusted under art. 18. Members include banks, finance companies, municipal savings banks and rural savings banks. The Fund publishes the cap each quarter: S/ 123,000 for September to November 2026. Directors and managers of the failed firm in the prior two years are excluded.
Cost to do it: Coverage cap S/ 123,000 (US$35,632) per person per institution, September to November 2026; premiums are paid by member institutions.
Example: A Lima resident with S/ 200,000 in one bank is covered for S/ 123,000 in a liquidation; splitting the balance across two member banks doubles protection. / Covered amount is about US$35,632 per person per bank; a company's time deposits are not covered, only its demand deposits.Ley Nº 26702, art. 144, art. 152 and art. 153 (art. 152 as replaced by Ley Nº 27102 of 6 May 1999; art. 153 as amended by Ley Nº 27008 of 5 December 1998), Art. 144, art. 152 and art. 153, 1999-05-06 official text · verified 2026-10-28

9. Financial firms, their directors and staff may not disclose information on clients' deposit and other liability operations without written client authorization. The secrecy also binds SBS and central bank staff, auditors and rating agencies, but does not apply to suspicious transaction reporting, and art. 143 lifts it, among other cases, for judges in a specific proceeding to which the client is a party and, through a judge who must rule within 48 hours, for the tax authority SUNAT acting under tax treaties, Andean Community decisions or its own functions.
Cost to do it: No cost; compliance cost lies in written client consents for data sharing.
Example: A Peruvian bank asked by a foreign parent company's auditor for a subsidiary's deposit balances needs the subsidiary's written authorization. / Group treasury sharing of a US$5 million deposit statement between affiliates should rest on a written consent from the account holder.Ley Nº 26702, art. 140 and art. 143 (art. 143 numeral 1 as amended by Decreto Legislativo Nº 1313, 31 December 2016), Art. 140 and art. 143, 2016-12-31 official text · verified 2026-10-28

Firm	Minimum capital (S/)	USD approx.
Bank	14,914,000	US$4,320,394
Investment bank	14,914,000	US$4,320,394
Finance company	7,500,000	US$2,172,654
Municipal savings and loan bank	7,500,000	US$2,172,654
Municipal popular credit bank	4,000,000	US$1,158,749
Credit company	678,000	US$196,408
Rural savings and loan bank	678,000	US$196,408
Deposit taking savings and credit cooperative	678,000	US$196,408

Minimum paid cash capital for deposit takers (base values, indexed quarterly; USD at S/ 3.452)

Worked example

Licensing budget for a new bank at base values: capital S/ 14,914,000 (US$4,320,394) plus a refundable guarantee deposit of S/ 745,700 (US$216,020) lodged with the organization request.
Deposit insurance: a client holding S/ 200,000 at one member bank recovers up to S/ 123,000 (US$35,632) from the Fund for September to November 2026; the S/ 77,000 balance becomes a claim in the liquidation.

Step by step

Choose the vehicle: subsidiary bank, branch of a foreign bank, or a representative office if you only want to promote offshore lending.
Prepare the SBS organization file under the SBS general rules, with the 5 percent guarantee deposit certificate; the SBS refers banks to the central bank for an opinion within 30 days.
After the organization resolution, publish the certificate once in El Peruano within 30 days and execute the public deed of incorporation inserting it; the certificate lapses after two years.
Pay in the capital and apply for the operating license; the SBS verifies and issues the operating resolution, which is of indefinite duration.
Before buying into an existing bank, file for SBS approval if the stake will exceed 10 percent and prepare suitability and source of funds evidence.

Common traps

The minimum capital figures in the law are 1996 constant values; the operative figure after quarterly indexation under art. 18 is higher, so check the current SBS update before capitalizing.
Indirect acquisitions count: buying a foreign holding company can trigger the 10 percent SBS approval for the Peruvian bank.
A representative office that negotiates or signs loans in Peru goes beyond art. 45 and risks closure.
Deposit insurance does not cover companies' time deposits or deposits of financial firms; treasury cash held by a corporate group above demand accounts is unprotected.

Sources

← Capital markets, banking and credit in Peru: who needs an SBS licence, bank capital and solvency, foreign bank branches, interest rate caps, public offers and takeover bids, movable collateral and the taxes on financeInterest rates, usury and loan terms in Peru: central bank caps on consumer and small business credit, the Civil Code maximum rate, default interest, capitalization and fees →

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