World News: 00:23 GMT Tuesday 3rd December 2019. [CREDICORP LTD. C/O BANCO DE CREDITO via Globe Newswire via SPi World News]
Lima, Dec. 02, 2019 (GLOBE NEWSWIRE) -- – Credicorp Ltd. (NYSE: BAP) announces that after obtaining the necessary regulatory approvals, it has completed, through its subsidiary Credicorp Holding Colombia S.A.S., the acquisition of 77.46% of the capital stock of Banco Compartir S.A. (“Bancompartir”) for approximately USD 76 million. Credicorp Ltd. had previously announced an agreement for this acquisition on June 28, 2019.
Founded in 1985, Bancompartir is one of the top four microfinance banks in Colombia with over 1,800 employees serving 450,000 customers across 106 branches nationwide. Bancompartir provides microfinance and SME financing solutions to micro entrepreneurs and other underserved segments of the population, generating opportunity for progress and quality of life improvement to thousands of families in Colombia. As of September 30, 2019, Bancompartir had a loan portfolio of USD 230 million, total deposits of USD 236 million and a book value of USD 46 million.
This acquisition represents an important step to expand Credicorp Ltd.’s microfinance business in Latin America. Colombia is one of the countries with the largest potential for microfinance, and with Bancompartir and Encumbra, Credicorp Ltd. is well positioned to become a market leader. With this acquisition, Credicorp Ltd. has a combined microfinance loan portfolio of USD 3.3 billion and over 2 million microfinance customers in Peru, Colombia and Bolivia.
Credicorp Ltd. (NYSE: BAP) is the leading financial services holding company in Peru with presence in Chile, Colombia and Bolivia. Credicorp has a diversified business portfolio organized into four lines of business: Universal Banking, through Banco de Credito del Peru - BCP and Banco de Credito de Bolivia; Microfinance, through Mibanco and Encumbra; Insurance & Pension Funds, through Grupo Pacifico and Prima AFP; and Investment Banking & Wealth Management, through Credicorp Capital, Wealth Management at BCP and Atlantic Security Bank.
For further information please contact the IR team:
Globe Newswire: 00:23 GMT Tuesday 3rd December 2019
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