Credicorp Ltd.: Credicorp Ltd. Announces Planned Executive Leadership Succession Across Microfinance, Finance and Audit
Rhea-AI Summary
Credicorp (NYSE:BAP) announced planned executive succession across microfinance, finance and audit. Alejandro Pérez-Reyes Zarak will become Head of Microfinance at Credicorp and CEO of Mibanco Peru, and Ignacio Belaunde will become CFO of Credicorp and BCP, both effective October 1, 2026.
Jose Esposito, Chief Corporate Audit Officer, will retire end of April 2027 and be succeeded by Rosa Cigüeñas Espinel on May 1, 2027. Credicorp highlights orderly transitions, leadership depth and its focus on microfinance growth and financial inclusion.
AI-generated analysis. Not financial advice.
Positive
- Planned succession appoints new Head of Microfinance and Mibanco Peru CEO effective October 1, 2026
- New Chief Financial Officer named for Credicorp and BCP effective October 1, 2026
- Chief Corporate Audit Officer succession set with new leader effective May 1, 2027
- Long transition periods aim to support continuity in finance, microfinance and audit
- Microfinance leadership change aligned with Mibanco’s new growth phase and financial inclusion focus
Negative
- None.
Key Figures
Market Reality Check
Peers on Argus
Only one peer, SHG, appears in the momentum scan, moving -1.91% with no related news, while other regional bank peers show mixed, modest moves. With limited peer momentum data and a company-specific leadership announcement, trading appears more idiosyncratic than sector-driven.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| May 01 | Earnings call schedule | Neutral | -0.6% | Announced 1Q26 earnings release date and conference call logistics. |
| Apr 27 | Annual report filing | Neutral | +0.2% | Filed Form 20-F 2025 with audited IFRS financial statements. |
| Apr 23 | Quiet period notice | Neutral | +0.1% | Declared 1Q26 quiet period ahead of May 14 earnings release. |
| Apr 01 | Board changes | Neutral | -0.4% | Announced new directors, retirements, and updated board committees. |
| Feb 27 | AGM nominees, dividend | Neutral | -2.6% | Proposed new board nominees and maintained minimum 25% dividend payout. |
Recent filings and governance updates have typically prompted modest, mixed price reactions, suggesting administrative and board-related news has not been a dominant trading catalyst.
Over the last six months, Credicorp’s news flow has centered on governance, disclosure, and shareholder matters. Announcements included board nominee updates and a dividend policy with a minimum 25% payout, followed by board and committee changes through March–April 2026. Routine items such as quiet-period notifications, 20‑F filing, and an earnings call schedule generated only small price moves. Today’s executive succession update fits this pattern of structured, longer-dated corporate governance and leadership communications.
Market Pulse Summary
This announcement details a planned leadership succession across microfinance, finance and audit functions, with effective dates in 2026 and 2027. It emphasizes continuity, internal talent development and a focus on Mibanco’s next growth phase in microfinance. In context of prior governance and board updates, investors may track how these leaders manage risk, technology transformation and financial inclusion goals, alongside forthcoming earnings disclosures and regulatory milestones.
AI-generated analysis. Not financial advice.
Alejandro Pérez-Reyes Zarak appointed Head of Microfinance at Credicorp and CEO of Mibanco Peru and Ignacio Belaunde appointed Chief Financial Officer of Credicorp and BCP, both effective October 1, 2026; Rosa Cigüeñas Espinel appointed Chief Corporate Audit Officer, effective May 1, 2027
Lima, May 13, 2026 (GLOBE NEWSWIRE) -- Lima, Peru – [May 13th, 2026] – Credicorp Ltd. ("Credicorp" or "the Company") (NYSE: BAP | BVL: BAP), Peru’s leading financial services holding company in Peru with operations in Chile, Colombia, Bolivia, Panama, and the United States, today announced executive leadership changes as part of the Company’s ongoing succession planning and talent development process. At its meetings held today, the Board of Directors of Credicorp and the Board of Directors of Mibanco, Banco de la Microempresa S.A. (“Mibanco”) approved the appointment of Alejandro Pérez-Reyes Zarak as Head of Microfinance at Credicorp, and CEO of Mibanco, respectively, effective October 1, 2026, succeeding Javier Ichazo, who will step down from his role. Additionally, Ignacio Belaunde has been named Chief Financial Officer of Credicorp and Banco de Crédito del Perú ("BCP"), also effective October 1, 2026. These changes will ensure a smooth transition in leadership. The Board of Directors also accepted the resignation submitted by Jose Esposito Li Carrillo from his position as Chief Corporate Audit Officer of Credicorp. Mr. Esposito will remain in office until the end of April 2027, at which time he will retire, and Mrs. Rosa Cigüeñas Espinel will succeed him as Chief Corporate Audit Officer, effective May 1, 2027.
These appointments reflect Credicorp's disciplined approach to developing senior leaders through strategic, cross-business assignments, while reinforcing its commitment to long-term value creation and financial inclusion. They also come as Mibanco enters a new growth phase, building on a strengthened trajectory and positioning the franchise to become more scalable, dynamic and impactful.
Gianfranco Ferrari, Chief Executive Officer of Credicorp, noted: "These appointments are a clear expression of Credicorp's commitment to building leadership depth and ensuring continuity across our businesses. Alejandro has played an important role in strengthening our financial management capabilities and advancing key strategic initiatives across the group. His experience, strategic perspective and deep knowledge of Credicorp position him well to lead our microfinance business through its next phase of growth, as Mibanco builds on its strengthened trajectory and expands its impact among the microentrepreneurs it serves. Ignacio brings a strong combination of financial leadership, strategic planning and operating experience in banking. Since joining BCP, he has helped evolve the bank's planning capabilities and modernize financial information management. I am confident that both leaders will continue to contribute meaningfully to Credicorp's long-term success."
Mr. Ferrari added: "I also wish to thank Javier Ichazo, who has decided to resign from his role as Head of Microfinance and CEO of Mibanco Peru and after a distinguished career at Credicorp. Javier's deep understanding of our clients, commitment to financial inclusion and steady leadership have made a lasting contribution to Mibanco and to our microfinance franchise. We are grateful for his service and wish him the very best in this new stage."
Mr. Ferrari concluded: “I also want to recognize Jose Esposito for his many years of service and leadership as Chief Corporate Audit Officer. His contribution has been important to strengthening Credicorp’s governance and control environment. We are also pleased that Rosa Cigüeñas will succeed him following an orderly transition period, bringing strong experience in transformation, technology and non-financial risk.”
Alejandro Pérez-Reyes Zarak appointed Head of Microfinance at Credicorp and CEO of Mibanco Peru
Alejandro Pérez-Reyes Zarak, currently Chief Financial Officer of Credicorp and BCP, will assume leadership of Credicorp's Microfinance line of business, effective October 1, 2026, succeeding Javier Ichazo. He joins the business as Mibanco enters a new growth phase following a period of strengthened performance and strategic repositioning. In this role, Mr. Pérez-Reyes will oversee Mibanco in Peru and Credicorp's broader microfinance agenda, with a focus on strengthening the franchise, enhancing risk-adjusted growth, and further developing the business's capacity to serve microentrepreneurs and underserved clients.
Mr. Pérez-Reyes has more than 26 years of experience at Credicorp. Before becoming CFO of Credicorp and BCP, he served as Chief Operating Officer of Credicorp and Head of Corporate Development, among other senior roles. Throughout his tenure, he has been deeply involved in strategy, finance, capital markets, transformation and operating model initiatives across the organization.
This appointment expands Mr. Pérez-Reyes's leadership responsibilities within Credicorp and reflects the Company's confidence in his ability to guide one of the group's most important franchises through its next phase of growth. It also underscores Credicorp's confidence in the long-term potential of microfinance and in Mibanco's opportunity to advance financial inclusion while becoming a more scalable and resilient business.
Ignacio Belaunde appointed CFO of Credicorp and BCP
Ignacio Belaunde, currently Head of Planning and Financial Control at BCP, will become Chief Financial Officer of Credicorp and BCP, effective October 1, 2026, succeeding Alejandro Pérez-Reyes Zarak. In his current role, Mr. Belaunde has played a fundamental role in strengthening the evolution of BCP's strategic planning and financial management capabilities. Under his leadership, BCP evolved its strategic planning process and associated management model, more deeply integrated its financial planning and control into the Bank’s strategy and advanced the technological modernization of its financial information management systems.
Mr. Belaunde has a solid track record in the financial sector. Prior to joining BCP, he held senior leadership positions at Scotiabank Peru, including CFO and Senior Vice President, Head of Peru Investment Banking, and CFO & COO of the Consumer Banking business. Earlier in his career, he worked in investment banking at Scotiabank and Citi, and also held a commercial role at Cargill.
Mr. Belaunde holds an MBA from INSEAD and a bachelor's degree in Economics from Universidad del Pacífico.
As CFO of Credicorp and BCP, Mr. Belaunde will lead the Company's financial strategy, planning and control, capital management, investor engagement and financial reporting.
Rosa Cigüeñas Espinel appointed Chief Corporate Audit Officer
Rosa Cigüeñas Espinel, currently Transformation Manager at BCP, will become Chief Corporate Audit Officer of Credicorp and Chief Audit Officer of BCP, effective May 1, 2027, succeeding Jose Esposito Li Carrillo upon his retirement. In her current role, Ms. Cigüeñas oversees BCP’s transformation agenda, helping ensure that key initiatives advance effectively and remain aligned with the Bank’s strategic objectives.
Ms. Cigüeñas has 17 years of experience at BCP, where she has held leadership roles across technology, transformation, alternative channels and non-financial risks. She has contributed to the modernization of key technology platforms, the strengthening of transformation governance, and the advancement of BCP’s non-financial risk management capabilities.
Prior to joining BCP, Ms. Cigüeñas worked for 9 years at Shell in Europe, where she held technology management roles.
Ms. Cigüeñas holds an MBA from the McCombs School of Business at The University of Texas at Austin and a bachelor’s degree in Economics from Universidad del Pacífico.
As Chief Corporate Audit Officer of Credicorp, Ms. Cigüeñas will lead the Company’s corporate audit function, supporting the continued strengthening of governance, controls and risk oversight.
About Credicorp
Credicorp (NYSE: BAP) is the leading financial services holding company in Peru with presence in Chile, Colombia, Bolivia, and Panama and United States. Credicorp has a diversified business portfolio organized into four lines of business (“LoBs”): Universal Banking, through BCP and Banco de Crédito de Bolivia; Microfinance, through Mibanco in Peru and Colombia; Insurance & Pension Funds, through Grupo Pacifico and Prima AFP; and Investment Management & Advisory, through Credicorp Capital, Wealth Management at BCP and ASB Bank Corp. Additionally, it complements its operations through Krealo, its Corporate Venture Capital arm.
Safe Harbor Statement
This press release contains forward-looking statements. These statements, which include words such as "will," "expects," "intends," "plans," "seeks," "continues," and similar expressions, are based on the current beliefs and expectations of Credicorp's management and are subject to risks and uncertainties. Actual results may differ materially from those projected. Credicorp Ltd. assumes no obligation to update these statements.
For more information, please refer to Credicorp's filings with the U.S. Securities and Exchange Commission.
For further information, please contact:
Investorrelations@credicorpperu.com
Investor Relations
Credicorp Ltd.
