Citicorp will enter the $550 million Peruvian home mortgage market this year, a spokeswoman for the banking company has confirmed.

Bank officials told Dow Jones Newswires last week that they expect to place about $80 million in mortgage loans in the first year and eventually to capture 25% of the market, which is currently dominated by Peru's Banco de Credito, a unit of the Credicorp holding company.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.