Credicorp to acquire remaining 50% stake in JV with Empresas Banmedica

Credicorp (BAP) has reached an agreement to acquire Empresas Banmedica’s 50% interest in the joint venture executed in December 2014 between Pacifico Compania de Seguros y Reaseguros and Banmedica. Closing is subject to regulatory approvals and other customary closing conditions. In December 2014, Pacifico Seguros and Banmedica established a joint venture to participate as equal partners in the private medical insurance, corporate health insurance for employees and medical services businesses in Peru. By virtue of this acquisition, Banmedica will transfer its 50% interest in the private medical insurance business in Peru to Pacifico Seguros. In addition, Banmedica will transfer its 50% interest in Pacifico S.A. Entidad Prestadora de Salud, which runs the corporate health insurance for employees and medical services businesses in Peru, to Credicorp’s subsidiary Grupo Credito S.A. Upon completion of the transaction, the partnership will be terminated and Credicorp, through its subsidiaries Grupo Credito S.A. and Pacifico Seguros, will become the sole owner of both the private medical insurance business and Pacifico EPS. The acquisition strengthens 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. Credicorp is committed to continue investing in technology, expanding its footprint, and improving service delivery standards to ensure Pacifico Seguros and Pacifico EPS remain trusted partners for Peruvian families. Following the transaction, customers, policyholders, agents, and other stakeholders will experience seamless continuity, with no disruptions. No changes in terms, service, or policy administration are expected.