Ahaa, Mr. ISc, nobody said I was an expert of Peruvian banks. Now, if you find a Fuji bank, I am there. Congrats, it looks like you have a winner.
Peru's Banco Wiese Gains 11% as Merger Terms Near Completion
Lima, June 8 (Bloomberg) -- Shares of Banco Wiese Ltdo., Peru's second largest bank, surged a second day after the company reportedly completed the terms of a merger with Banco de Lima Sudameris SA.
Wiese common shares on the Lima Stock Exchange gained 11 percent to 0.92 soles, bringing the gain so far this week to 23 percent. In New York, Wiese American depositary receipt rose 12 percent to 1 3/16.
Wiese and Sudameris, a unit of Italy's Banca Commerciale Italiana Spa, are expected to announcement the final merger terms Thursday or Friday, pending approval of the blue print by Peruvian and Italian banking regulators.
Wiese should get about a 38 percent share in the new company, above some investor forecasts, with the remainder held by Sudameris, the Lima daily Gestion reported.
Both banks have said Wiese's 47 percent stake, outlined during the announcement of the merger Feb. 17, would be reduced because of its swollen bad debt. Wiese's past-due loans were equivalent to 13.75 percent of total loans in mid-April.
Speculation on Wiese's final stake had driven the stock down 65 percent since merger announcement.
Jun/08/ 99 11:44 |
