Credicorp Ltd. Announces that One of Its Subsidiaries Offers to Purchase 100% of Credicorp Capital Client’s Investments in the 'Credicorp Capital Factoring Dólares ' and 'Credicorp Capital Factoring Soles' Funds
Credicorp (NYSE: BAP) announced that its subsidiary Credicorp Capital will purchase 100% of client investments in two funds: Credicorp Capital Factoring Dólares FMIV and Factoring Soles FMIV. These funds were affected by regulatory actions against Sartor, a Chilean third-party fund manager. The purchase, executed through Atlantic Security Holding (ASHC), will cover up to US$125.3 million in investment value.
The Chilean Financial Market Commission (CMF) suspended all Sartor-managed funds and later revoked Sartor's operating authorization, ordering the liquidation of all its funds. Credicorp Capital commits to acquiring the investment units from clients within 45 days, protecting them from uncertainties in Sartor's liquidation process. Credicorp expects partial fund recovery and will provide updates as available.
Credicorp (NYSE: BAP) ha annunciato che la sua filiale Credicorp Capital acquisterà il 100% degli investimenti dei clienti in due fondi: Credicorp Capital Factoring Dólares FMIV e Factoring Soles FMIV. Questi fondi sono stati colpiti da azioni regolamentari contro Sartor, un gestore di fondi terzi cileno. L'acquisto, eseguito attraverso Atlantic Security Holding (ASHC), coprirà fino a 125,3 milioni di dollari USA in valore di investimento.
La Commissione del Mercato Finanziario Cile (CMF) ha sospeso tutti i fondi gestiti da Sartor e successivamente ha revocato l'autorizzazione operativa di Sartor, ordinando la liquidazione di tutti i suoi fondi. Credicorp Capital si impegna ad acquisire le unità di investimento dai clienti entro 45 giorni, proteggerli dalle incertezze nel processo di liquidazione di Sartor. Credicorp prevede un recupero parziale dei fondi e fornirà aggiornamenti non appena disponibili.
Credicorp (NYSE: BAP) anunció que su subsidiaria Credicorp Capital comprará el 100% de las inversiones de los clientes en dos fondos: Credicorp Capital Factoring Dólares FMIV y Factoring Soles FMIV. Estos fondos se vieron afectados por acciones regulatorias contra Sartor, un gestor de fondos chileno. La compra, realizada a través de Atlantic Security Holding (ASHC), cubrirá hasta 125,3 millones de dólares EE.UU. en valor de inversión.
La Comisión del Mercado Financiero de Chile (CMF) suspendió todos los fondos administrados por Sartor y posteriormente revocó la autorización de operación de Sartor, ordenando la liquidación de todos sus fondos. Credicorp Capital se compromete a adquirir las unidades de inversión de los clientes dentro de 45 días, protegiéndolos de las incertidumbres en el proceso de liquidación de Sartor. Credicorp espera una recuperación parcial de los fondos y proporcionará actualizaciones a medida que estén disponibles.
Credicorp (NYSE: BAP)는 자회사인 Credicorp Capital이 두 개의 펀드인 Credicorp Capital Factoring Dólares FMIV와 Factoring Soles FMIV에서 고객의 100% 투자금을 인수할 것이라고 발표했습니다. 이 펀드는 칠레의 제3자 펀드 매니저인 Sartor에 대한 규제 조치의 영향을 받았습니다. 아틀란틱 증권 홀딩스(Atlantic Security Holding (ASHC))를 통해 실행된 이번 매수는 1억 2,530만 달러에 달하는 투자 가치를 포함할 것입니다.
칠레 금융시장위원회(CMF)는 Sartor가 관리하는 모든 펀드를 중단했으며, 이후 Sartor의 운영 허가를 취소하고 모든 펀드의 청산을 명령했습니다. Credicorp Capital은 Sartor의 청산 과정에서 고객을 보호하기 위해 45일 이내에 고객의 투자 단위를 인수할 것을 약속합니다. Credicorp은 부분적인 펀드 회수를 기대하며, 가능한 업데이트를 제공할 것입니다.
Credicorp (NYSE: BAP) a annoncé que sa filiale Credicorp Capital achètera 100% des investissements des clients dans deux fonds : Credicorp Capital Factoring Dólares FMIV et Factoring Soles FMIV. Ces fonds ont été touchés par des mesures réglementaires contre Sartor, un gestionnaire de fonds tiers chilien. L'achat, réalisé par l'intermédiaire d'Atlantic Security Holding (ASHC), couvrira jusqu'à 125,3 millions de dollars US de valeur d'investissement.
La Commission des Marchés Financiers du Chili (CMF) a suspendu tous les fonds gérés par Sartor et a ensuite révoqué son autorisation d'exercer, ordonnant la liquidation de tous ses fonds. Credicorp Capital s'engage à acquérir les unités d'investissement des clients dans un délai de 45 jours, les protégeant ainsi des incertitudes liées au processus de liquidation de Sartor. Credicorp s'attend à un recouvrement partiel des fonds et fournira des mises à jour dès qu'elles seront disponibles.
Credicorp (NYSE: BAP) gab bekannt, dass ihre Tochtergesellschaft Credicorp Capital 100% der Kundeninvestitionen in zwei Fonds kaufen wird: Credicorp Capital Factoring Dólares FMIV und Factoring Soles FMIV. Diese Fonds wurden durch regulatorische Maßnahmen gegen Sartor, einen chilenischen Drittfondsmanager, beeinträchtigt. Der Kauf, der über Atlantic Security Holding (ASHC) erfolgt, wird bis zu 125,3 Millionen US-Dollar an Investitionswert abdecken.
Die chilenische Finanzmarktkommission (CMF) hat alle von Sartor verwalteten Fonds ausgesetzt und später die Betriebsbewilligung von Sartor widerrufen, wobei die Liquidation aller seiner Fonds angeordnet wurde. Credicorp Capital verpflichtet sich, die Anteile von Kunden innerhalb von 45 Tagen zu erwerben und sie damit vor den Ungewissheiten im Liquidationsprozess von Sartor zu schützen. Credicorp erwartet eine teilweise Wiedererlangung der Fonds und wird Updates bereitstellen, sobald diese verfügbar sind.
- Protection of client investments worth US$125.3 million
- Swift response to protect investor interests with 45-day buyback commitment
- Potential for partial fund recovery through legal actions
- Financial exposure of up to US$125.3 million
- Uncertain recovery amount from Sartor's liquidation
- Legal costs associated with fund recovery efforts
Insights
This protective measure by Credicorp represents a significant financial commitment of up to
The situation reveals sophisticated risk mitigation strategies in action. By transferring the risk from retail investors to the institutional level, Credicorp maintains client trust while converting a retail exposure problem into a corporate recovery opportunity. The 45-day execution window provides operational flexibility while ensuring timely resolution for affected investors.
The regulatory action by Chile's Financial Market Commission (CMF) against Sartor, including license revocation and mandatory fund liquidation, indicates serious compliance violations. Credicorp's strategic decision to file complaints and pursue legal action positions it favorably for potential recovery proceedings. The transfer of creditor rights through ASHC creates a consolidated legal position, potentially streamlining the recovery process and improving negotiating leverage in future legal proceedings.
This corporate restructuring of claims could expedite recovery compared to individual investor claims, though the ultimate recovery rate remains uncertain. The presence of regulatory intervention and formal liquidation proceedings suggests systematic issues at Sartor that may complicate full recovery efforts.
This development, while neutral for Credicorp's long-term outlook, demonstrates strong corporate governance and risk management capabilities. The immediate financial impact is manageable given Credicorp's
For retail investors, this highlights the importance of institutional backing in fund investments. Credicorp's ability to step in and protect client interests showcases the advantages of investing through established financial institutions with strong balance sheets and risk management frameworks.
Lima, Dec. 30, 2024 (GLOBE NEWSWIRE) -- LIMA, PERU, December 30, 2024 – 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 its subsidiary Credicorp Capital S.A. Sociedad Administradora de Fondos (“Credicorp Capital”), has notified its clients that it has offered to purchase
To facilitate the purchase process, Credicorp Capital will execute participation transfer agreements through its affiliate Atlantic Security Holding Corporation (ASHC), covering up to US
As publicly disclosed, the Chilean Financial Market Commission (CMF) recently ordered the suspension of contributions, as well as redemptions and payments, of all funds managed by Sartor, which included the Credicorp Capital Factoring Soles FMIV and Credicorp Capital Factoring Dólares FMIV funds. Following a complaint filed by Credicorp Capital, the CMF issued a resolution on December 20, 2024, by which it (i) revoked Sartor’s authorization to operate, and (ii) ordered the liquidation of all funds under Sartor’s management.
In response to this situation, Credicorp Capital has committed to acquiring through ASHC the value of the investment units from its clients within 45 days. This move seeks to ensure that clients will not bear the uncertainty of the liquidation process of Sartor-managed funds, which was mandated by the CMF.
About Credicorp Ltd.
Credicorp Ltd. (NYSE: BAP) is the leading financial services holding company in Peru, with a diversified business portfolio organized into four primary lines of business: Universal Banking, through Banco de Crédito del Perú (BCP) and Banco de Crédito de Bolivia; Microfinance, through Mibanco in Peru and Colombia; Insurance and Pension Funds, through Grupo Pacifico and Prima AFP; and Investment Management and Advisory, through Credicorp Capital and ASB Bank Corp. Credicorp has a presence in Peru, Chile, Colombia, Bolivia, and Panama.
Safe Harbor Statement
This press release contains forward-looking statements. These statements, which include words such as “will”, “would”, “expects” and “seeks”, 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 our filings with the U.S. Securities and Exchange Commission.
IR Contact:
investorrelations@credicorpperu.com
Investor Relations
Credicorp Ltd.
FAQ
How much is Credicorp (BAP) offering to purchase in affected fund investments?
What happened to Sartor that affected BAP's investment funds?
When will BAP complete the purchase of affected fund investments?
Will BAP shareholders recover the full amount invested in Sartor funds?
How is BAP protecting its clients affected by the Sartor fund situation?
