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Morgan Stanley opens its first office in Peru

By Mario Sandoval

(10/06/2010)New York-based Morgan Stanley, the sixth-largest U.S. bank by assets, opened its first office in Peru to expand Latin American operations, reported Bloomberg News.

Mirko Stiglich will lead the group in the Lima office, said Mary Claire Delaney, a Morgan Stanley spokeswoman. Rafael Arbulu and Gerardo King also joined the Peru office, Delaney added.

Banks are increasing operations in Latin America as growth in the U.S. slows. The U.S. economy expanded 1.7 percent in the second quarter, compared with 10 percent in Peru.

Peru's Finance Minister, Ismael Benavides, said that his office plans to strengthen competition in the Peruvian financial system. The finance ministry is speeding up the processing of applications of foreign financial institutions interested in entering the Peruvian market. “There are many applications and we want them to become reality,” he mentioned.