Credicorp Ltd.: Credicorp Ltd. completes acquisition of remaining 50% stake in joint venture with Empresas Banmédica
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.
Credicorp (NYSE: BAP) ha completato l'acquisizione del restante 50% di partecipazione di Empresas Banmédica nella loro joint venture istituita nel dicembre 2014. La transazione, inizialmente annunciata il 31 ottobre 2024, ha ricevuto tutte le approvazioni normative.
Con questa acquisizione, Banmédica ha trasferito il suo interesse del 50% sia nel settore dell'assicurazione medica privata a Pacifico Seguros, sia nella sua partecipazione in Pacífico S.A. Entidad Prestadora de Salud (Pacifico EPS) a Grupo Crédito S.A. Di conseguenza, Credicorp, attraverso le sue sussidiarie, diventa l'unico proprietario di entrambe le attività in Perù.
La società assicura agli stakeholder che la transizione sarà fluida, senza interruzioni nei servizi, nelle condizioni dei prodotti o nella gestione delle polizze. Questa mossa è in linea con l'obiettivo di Credicorp di creare un'economia più sostenibile e inclusiva, migliorando l'accesso all'assicurazione e alla sanità, promuovendo al contempo l'inclusione finanziaria in Perù.
Credicorp (NYSE: BAP) ha completado la adquisición del 50% restante de Empresas Banmédica en su empresa conjunta establecida en diciembre de 2014. La transacción, anunciada inicialmente el 31 de octubre de 2024, ha recibido todas las aprobaciones regulatorias.
A través de esta adquisición, Banmédica ha transferido su interés del 50% tanto en el negocio de seguros médicos privados a Pacifico Seguros como su participación en Pacífico S.A. Entidad Prestadora de Salud (Pacifico EPS) a Grupo Crédito S.A. Como resultado, Credicorp, a través de sus subsidiarias, se convierte en el único propietario de ambos negocios en Perú.
La empresa asegura a los interesados que la transición será fluida, sin interrupciones en los servicios, en los términos de los productos o en la administración de pólizas. Este movimiento está alineado con el objetivo de Credicorp de crear una economía más sostenible e inclusiva, mejorando el acceso a seguros y atención médica, al tiempo que avanza en la inclusión financiera en Perú.
Credicorp (NYSE: BAP)는 2014년 12월에 설립된 합작 투자에서 Empresas Banmédica의 나머지 50% 지분을 인수 완료했습니다. 이 거래는 2024년 10월 31일에 처음 발표되었으며 모든 규제 승인을 받았습니다.
이번 인수를 통해 Banmédica는 50%의 지분을 이전했습니다 개인 의료 보험 사업을 Pacifico Seguros에, Pacífico S.A. Entidad Prestadora de Salud (Pacifico EPS)의 지분을 Grupo Crédito S.A.에 이전했습니다. 그 결과, Credicorp은 자회사를 통해 페루에서 두 사업의 단독 소유자가 됩니다.
회사는 이해관계자에게 전환이 원활하게 진행되며 서비스, 제품 조건 또는 정책 관리에 방해가 없을 것이라고 보장합니다. 이 조치는 보험 및 의료 접근성을 개선하고 페루에서 금융 포용성을 촉진함으로써 보다 지속 가능하고 포용적인 경제를 만드는 Credicorp의 목표와 일치합니다.
Credicorp (NYSE: BAP) a finalisé l'acquisition de la participation restante de 50 % d'Empresas Banmédica dans leur coentreprise établie en décembre 2014. La transaction, initialement annoncée le 31 octobre 2024, a reçu toutes les approbations réglementaires.
Grâce à cette acquisition, Banmédica a transféré son intérêt de 50 % dans le secteur de l'assurance médicale privée à Pacifico Seguros et sa participation dans Pacífico S.A. Entidad Prestadora de Salud (Pacifico EPS) à Grupo Crédito S.A. En conséquence, Credicorp, par l'intermédiaire de ses filiales, devient le seul propriétaire des deux entreprises au Pérou.
L'entreprise assure aux parties prenantes que la transition sera fluide, sans perturbations des services, des conditions des produits ou de l'administration des polices. Ce mouvement s'inscrit dans l'objectif de Credicorp de créer une économie plus durable et inclusive en améliorant l'accès à l'assurance et aux soins de santé tout en favorisant l'inclusion financière au Pérou.
Credicorp (NYSE: BAP) hat den Erwerb des verbleibenden 50%-Anteils von Empresas Banmédica an ihrem im Dezember 2014 gegründeten Joint Venture abgeschlossen. Die Transaktion, die ursprünglich am 31. Oktober 2024 angekündigt wurde, hat alle behördlichen Genehmigungen erhalten.
Durch diese Übernahme hat Banmédica seinen 50%-Anteil übertragen sowohl im Bereich der privaten Krankenversicherung an Pacifico Seguros als auch seinen Anteil an Pacífico S.A. Entidad Prestadora de Salud (Pacifico EPS) an Grupo Crédito S.A. Somit wird Credicorp durch seine Tochtergesellschaften zum alleinigen Eigentümer beider Geschäfte in Peru.
Das Unternehmen versichert den Stakeholdern, dass der Übergang reibungslos verlaufen wird, ohne Unterbrechungen bei den Dienstleistungen, den Produktbedingungen oder der Policenverwaltung. Dieser Schritt steht im Einklang mit dem Ziel von Credicorp, eine nachhaltigere und inklusivere Wirtschaft zu schaffen, indem der Zugang zu Versicherungen und Gesundheitsversorgung verbessert und gleichzeitig die finanzielle Inklusion in Peru vorangetrieben wird.
- 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
- None.
Insights
Credicorp's acquisition of Empresas Banmédica's remaining 50% stake in their joint venture represents a strategic consolidation move that strengthens the company's position in Peru's insurance and healthcare sectors. By gaining full ownership of both the private medical insurance business and Pacifico EPS (which manages corporate health insurance and medical services), Credicorp has vertically integrated its healthcare offerings.
This transaction aligns with Credicorp's broader strategy of deepening market penetration in core sectors where they already have established competencies. The insurance and healthcare segments in Peru likely offer growth potential due to the country's expanding middle class and increasing demand for private healthcare services.
From a financial perspective, full ownership should enable Credicorp to capture 100% of future earnings from these operations rather than the previous 50%, potentially enhancing the company's revenue streams. Additionally, complete operational control typically creates opportunities for cost synergies and more efficient capital allocation decisions.
While the announcement doesn't disclose the financial terms of the transaction, this type of consolidation generally allows for improved operational efficiency, more coordinated strategy execution, and greater flexibility in service development. The seamless transition promised suggests minimal integration costs, which is favorable for near-term financial performance.
Lima, March 13, 2025 (GLOBE NEWSWIRE) -- Lima, PERU, March 13th, 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
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
“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
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