Unbanked.

Peruvian consumers never would have dreamed of such a bevy of banking deals. The recent aggressive entry of a series of large foreign banks into Peru's financial sector has unleashed an unholy battle for the undeveloped retail market. But Peru is not the only country seeing changes. All over Latin America, banks are re-evaluating lending policies. Not too long ago, a loan seeker's family name and other long-standing business and social ties often meant more than his balance sheet. But a combination of market reforms, lower inflation and heightened competition from foreign-owned banks is inducing many domestic banks to broaden their customer base.