Credicorp’s Acquisition of 77.46% of the Stock Capital of Bancompartir

Posse Herrera Ruiz advised Credicorp on the transaction. Asociados Legales S.A.S. advised the seller.

Credicorp Ltd. (NYSE: BAP), after obtaining the necessary regulatory approvals by the Colombian Superintendence of Finance, completed the acquisition of 77.46% of the capital stock of Banco Compartir S.A. (“Bancompartir”) for approximately USD 76 million.

Credicorp acquired Bancompartir through its subsidiary Credicorp Holding Colombia S.A.S. This acquisition represents an important step to expand Credicorp Ltd.’s microfinance business in Latin America.

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.

Credicorp Ltd. 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; Microfinance; Insurance & Pension Funds; and Investment Banking & Wealth Management.

Credicorp Legal Team included Guillermo Morales, Hector Calero, Giuliana Giampietri and Andrea Hurtado.

The Posse Herrera Ruiz team advising on the Colombian Superintendence of Finance authorization was led by partner Mariana Posse (Picture), and also included Lina Lineros, Lina Vélez and Sebastián Echeverry.

The Posse Herrera Ruiz team advising on the acquisition was led by partner Jaime Herrera, with assistance from Lina Vlez, Emilia Arango and Daniel Mez.

The Asociados Legales S.A.S. team was led by partners Jorge Pinzón and Segismundo Méndez, with assistance from Andrés Arévalo.

Involved fees earner: Andrés Arévalo – Asociados Legales S.A.S.; Segismundo Méndez – Asociados Legales S.A.S.; Jorge Pinzón – Asociados Legales S.A.S.; Emilia Arango – Posse Herrera Ruiz; Sebastián Echeverri – Posse Herrera Ruiz; Jaime Herrera – Posse Herrera Ruiz; Lina Lineros – Posse Herrera Ruiz; Mariana Posse – Posse Herrera Ruiz; Lina Vélez – Posse Herrera Ruiz;

Law Firms: Asociados Legales S.A.S.; Posse Herrera Ruiz;

Clients: Bancompartir; Credicorp;

Author: Ambrogio Visconti.