Word: interbank
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...educated banker, is one of the freshest faces in Lima. He worked as an investment banker in New York City until early June but jumped at the chance to live in Lima with his wife and newborn daughter. He got off the plane and went to work for Interbank...
...Interbank chairman Carlos Rodriguez-Pastor, one of the drivers of the repatriation strategy, has had two homecomings of his own. His father, also named Carlos, was once Peru's central banker but was forced to leave the country following a military coup in October 1968. "He went from being Peru's central banker to an assistant branch manager at an office in San Francisco," says Rodriguez-Pastor, who was educated at the University of California, Berkeley, and at Dartmouth. His father rose through the ranks of Wells Fargo and returned to Peru as Finance Minister...
Rodriguez-Pastor initially followed the path of South America's educated élite and worked in New York City, at Citibank and on Wall Street. After his father died in 1995, he went home to Interbank...
...brought with him some new ideas. For Interbank to thrive, he reasoned, it had to be globally competitive. So the company set about benchmarking top performers--Southwest Airlines, Ritz-Carlton and, of course, a few banks--to understand what it would take. "We started learning, and little by little we started recruiting," he says. Now there are some 50 U.S.-trained Peruvian M.B.A.s on staff...
...Because all of these countries are growing more robustly than the U.S., their interest rates are higher, thus creating a short-term opportunity for traders. Here's how it works with a currency like the Indonesian rupiah: the six-month London Interbank Offer Rate (or LIBOR, the benchmark for U.S. dollar borrowing), is now hovering at slightly less than 1%. That rock-bottom rate stands in stark contrast to the 6.5-7% rate of interest one can get from a short-term money market bill in Indonesia, where the 5-year government bond currently yields roughly 9%. The wide...