Credicorp, a financial services holding company in Peru, has announced the completion of the acquisition of 77.46% of the capital stock of Banco Compartir (Bancompartir) for approximately $76m through its subsidiary Credicorp Holding Colombia.
Credicorp, which has operations in Chile, Colombia and Bolivia, had announced an agreement for the acquisition in June this year.
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Bancompartir, which was established in 1985, is one of the top four microfinance banks in Colombia. The bank has more than 1,800 employees and serves 450,000 customers across 106 branches nationwide.
The Colombian microfinance bank provides microfinance and SME financing solutions to micro-entrepreneurs and other underserved segments of the population.
The bank claimed that it generates an opportunity for thousands of families in Colombia to progress and improve their quality of life.
As of 30 September 2019, Bancompartir had a loan portfolio of $230m, total deposits of $236m and a book value of $46m.
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By GlobalDataThe acquisition of stake in Bancompartir is said to be an important step for the expansion of the financial services holding company’s microfinance business in Latin America.
Colombia is said to be a country that offers immense potential for microfinance, and with Bancompartir and Encumbra, the company expects to become a market leader in this segment.
With the acquisition of stake, the Peruvian firm now has a combined microfinance loan portfolio of $3.3bn and more than two million microfinance customers in Peru, Colombia and Bolivia.
Credicorp has commercial banking, insurance and pension fund operations that serve all segments of the population.
The Peruvian financial services holding company has a diversified portfolio organised into four lines of business. It carries out its Universal Banking through Banco de Credito del Peru – BCP and Banco de Credito de Bolivia; Microfinance business through Mibanco and Encumbra; Insurance & Pension Funds through Grupo Pacifico and Prima AFP; and Investment Banking & Wealth Management business through Credicorp Capital, Wealth Management at BCP and Atlantic Security Bank.
