UPS Capital, the financial services arm of United Parcel Services Inc. (UPS), has opened branches in Peru and Colombia as it seeks to tap growing imports in these countries.
The firm said in a press release Wednesday that the Peru and Colombia branches will offer loans to firms in those countries to finance their imports of capital goods. UPS Capital is present in Latin America with operations in Argentina, Brazil, Chile and Mexico.
Imports in Peru surged 37% in 2010 to $29.88 billion, according to the nation’s tax agency. In Colombia, imports in the January-through-November period are up 34.5% to $26.7 billion from the same period a year earlier.