"The Peruvian private banking --renowned for its solidity, liquidity and solvency-- represents a key sector for the country's economy, through a series of contributions that go beyond its natural role of intermediary," Asbanc said.

Asbanc said the importance of banking in the country goes beyond its financial intermediation role, with regard to this sector's contribution to the economy, both in terms of formal employment generation and its contribution to the national income tax revenues.

The association also noted that the banking industry needs a range of services from other companies, such as those involved in security, information technology, communications, etc, "which also contributes to the dynamism of these segments."

"At the macroeconomic level, empirical evidence and various studies have shown a positive correlation between financial deepening and economic growth, hence the importance of having a strong and inclusive financial system," it added.

At the end of 2011, the private banking provided direct employment to 47,074 people, an increase of 13.67 percent (5,662 people) compared to December 2010.

(END) JJN/GCO/RZZ/EEP