BBVA Continental, leader of the Peruvian financial marketJune 13, 2014
BBVA Continental has issued a 280 million dollar faithful performance letter of guarantee that guarantees the contract for the construction and concession of Line 2 of the Lima Subway. This issue has enabled BBVA to become the leader in indirect risk (guarantees) in the Peruvian financial market, while also securing an advantageous position with a view to tapping other commercial opportunities related to this major project.
The consortium commissioned to build Line 2 of the Lima Subway, with an investment of 5.3 billion dollars, is made up of the business groups Cosapi, Actividades de Construcción y Servicios (ACS), Fomento de Construcciones y Contratas (FCC), Impregilo and Ansaldo.
This transaction, led by the Corporate & Investment Banking team in Peru, is of special relevance to the Bank, as it is the biggest infrastructure project undertaken in the country and it involves the largest letter of guaranteed issued by BBVA Continental. It is also a good example of the successful global coordination among the teams of three different geographical regions.