Banco Santander - Peru S.A.
MIGA issued a $19 million guarantee to Banco Santander, S.A. of Spain for its shareholder loan to expand its wholly owned subsidiary, Banco Santander-Perú, S.A. MIGA's guarantee covers the loan against the risks of expropriation and transfer restriction.
The loan will allow the subsidiary to expand its investment banking and retail services to Peruvian consumers and to corporations, particularly those in the agribusiness, infrastructure, manufacturing, and telecommunications sectors. About 30 will be created, bringing the local workforce of the branch to 700 employees.