Credicorp Ltd.: Credicorp Ltd. completes acquisition of remaining 50% stake in joint venture with Empresas Banmédica

Rhea-AI Summary

Credicorp (NYSE: BAP) has completed the acquisition of Empresas Banmédica's remaining 50% stake in their joint venture established in December 2014. The transaction, initially announced on October 31st, 2024, has received all regulatory approvals.

Through this acquisition, Banmédica has transferred its 50% interest in both the private medical insurance business to Pacifico Seguros and its stake in Pacífico S.A. Entidad Prestadora de Salud (Pacifico EPS) to Grupo Crédito S.A. As a result, Credicorp, through its subsidiaries, becomes the sole owner of both businesses in Peru.

The company assures stakeholders that the transition will be seamless, with no disruptions to services, product terms, or policy administration. The move aligns with Credicorp's goal of creating a more sustainable and inclusive economy by improving insurance and healthcare access while advancing financial inclusion in Peru.

Positive

• Full ownership and control of private medical insurance and corporate health insurance businesses in Peru
• Strategic expansion in healthcare and insurance sectors
• Strengthened market position in Peru's medical insurance industry

Negative

• None.

News Market Reaction – BAP

+2.33%

1 alert

+2.33% News Effect

On the day this news was published, BAP gained 2.33%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Lima, March 13, 2025 (GLOBE NEWSWIRE) -- Lima, PERU, March 13^th, 2025 – Credicorp Ltd. (“Credicorp”) (NYSE: BAP | BVL: BAP), the leading financial services holding company in Peru with a presence in Chile, Colombia, Bolivia, and Panama, announced today that it has successfully completed the acquisition of Empresas Banmédica’s (“Banmedica”) remaining 50% interest in the joint venture executed in December 2014 between Pacífico Compañía de Seguros y Reaseguros S.A. (“Pacifico Seguros”) and Banmedica. The transaction has received all necessary regulatory approvals and met closing conditions. This follows the initial announcement of the agreement on October 31^st, 2024.

In December 2014, Pacifico Seguros and Banmedica established a joint venture to participate as equal partners in the private medical insurance (referred to as Medical Assistance in Credicorp’s quarterly earnings releases), corporate health insurance for employees, and medical services businesses in Peru.

With the completion of this acquisition, Banmedica has transferred its 50% interest in the private medical insurance business in Peru to Pacifico Seguros, while its 50% interest in Pacífico S.A. Entidad Prestadora de Salud (“Pacifico EPS”), which manages the corporate health insurance for employees and medical services businesses in Peru, has been transferred to Credicorp’s subsidiary Grupo Crédito S.A. As a result, Credicorp, through its subsidiaries Pacifico Seguros and Grupo Crédito S.A. is now the sole owner of both the private medical insurance business and Pacifico EPS.

“This acquisition enhances Credicorp’s ability to fulfill its aspiration of creating a more sustainable and inclusive economy by improving insurance and healthcare access while advancing financial inclusion in Peru,” noted Gianfranco Ferrari, CEO of Credicorp Ltd.  “We remain committed to investing in the country and the sector, ensuring Pacifico Seguros and Pacifico EPS remain trusted partners for Peruvian families”.

Following the transaction, customers, policyholders, agents, and other stakeholders can expect a seamless transition with no disruptions to services, product terms, or policy administration.

About Credicorp
Credicorp (NYSE: BAP) is the leading financial services holding company in Peru with presence in Chile, Colombia, Bolivia, and Panama. Credicorp has a diversified business portfolio organized into four lines of business: Universal Banking, through Banco de Crédito del Peru (“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.

About Pacifico EPS
Pacifico EPS is one of the largest corporate health insurance for employees and medical services providers in Peru, with over one million clients. The company reported a net income of S/ 207 million for 2024, highlighting its robust financial performance.  

About Pacifico Seguros
Pacifico Seguros is one of the leading insurance companies in Peru and is part of Credicorp. In 2024 the company reported a net income of S/ 770 million. The company offers a wide range of insurance products, including life, private health, automobile, and property insurance.

For further information please contact the IR team:

Investorrelations@credicorpperu.com

Investor Relations
Credicorp Ltd.

FAQ

What does Credicorp's acquisition of Banmedica's 50% stake mean for BAP shareholders?

The acquisition gives Credicorp full ownership of both private medical insurance and Pacifico EPS businesses in Peru, strengthening its market position in insurance and healthcare sectors.

When did BAP announce the agreement to acquire Banmedica's remaining stake?

Credicorp announced the agreement on October 31st, 2024, and completed the acquisition on March 13th, 2025.

How will the BAP acquisition affect existing customers and policyholders?

The company ensures a seamless transition with no disruptions to services, product terms, or policy administration.

What businesses are included in BAP's acquisition of Banmedica's stake?

The acquisition includes Banmedica's 50% stake in private medical insurance business and Pacifico EPS, which manages corporate health insurance and medical services in Peru.