Bloomberg News

Peru’s BCP Agrees to Buy Controlling Stake in Chile’s IM Trust

April 24, 2012

Banco de Credito del Peru (CREDITC1), the Andean country’s biggest bank, agreed to buy a majority stake in Chilean brokerage IM Trust as the two countries integrate their financial services industries and capital markets.

The unit of Credicorp Ltd. (BAP:US), Peru’s largest financial services company, will buy at least a 60.6 percent shareholding in a deal that’s subject to due diligence and regulatory approval, Banco de Credito said in a regulatory filing.

Colombian, Peruvian and Chilean financial firms are expanding in the region, while the three countries develop Latin America’s first stock market combination, as economic growth spurs demand for securities. Banco de Credito agreed in December to buy 51 percent of Colombia’s Correval SA to expand its brokerage and corporate finance businesses.

“This alliance will cover the financial needs of investors and corporations in the markets with the largest potential in the region, where the combined GDP reached an estimated $800 billion at the end of 2011,” Credicorp said in a separate statement.

Banco de Credito didn’t disclose the deal’s price in today’s statement. Credicorp shares fell 2.4 percent to $127.98 in Lima yesterday, reducing a year-to-date gain to 17 percent.

To contact the reporter on this story: Sebastian Boyd in Santiago at sboyd9@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net


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Companies Mentioned

  • BAP
    (Credicorp Ltd)
    • $160.35 USD
    • -1.30
    • -0.81%
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