Credicorp Ltd.: Credicorp Ltd. to acquire remaining 50% stake in joint venture with Empresas Banmédica
Credicorp (NYSE: BAP) has announced an agreement to acquire Empresas Banmédica's 50% stake in their joint venture established in December 2014. The acquisition involves Banmédica's interests in both the private medical insurance business and Pacífico S.A. Entidad Prestadora de Salud (Pacifico EPS) in Peru. Upon completion, Credicorp will become the sole owner of both businesses through its subsidiaries Grupo Crédito S.A. and Pacifico Seguros. The transaction aims to strengthen Credicorp's position in insurance and healthcare access while promoting financial inclusion in Peru. The company assures stakeholders that there will be no disruptions in service or policy administration.
Credicorp (NYSE: BAP) ha annunciato un accordo per acquisire il 50% delle azioni di Empresas Banmédica nella loro joint venture, stabilita nel dicembre 2014. L'acquisizione comprende gli interessi di Banmédica sia nel settore dell'assicurazione medica privata che in Pacífico S.A. Entidad Prestadora de Salud (Pacifico EPS) in Perù. Una volta completata, Credicorp diventerà l'unico proprietario di entrambe le attività attraverso le sue controllate Grupo Crédito S.A. e Pacifico Seguros. L'operazione mira a rafforzare la posizione di Credicorp nel settore assicurativo e nell'accesso alla sanità, promuovendo al contempo l'inclusione finanziaria in Perù. L'azienda assicura agli stakeholder che non ci saranno interruzioni nel servizio o nella gestione delle polizze.
Credicorp (NYSE: BAP) ha anunciado un acuerdo para adquirir el 50% de participación de Empresas Banmédica en su empresa conjunta establecida en diciembre de 2014. La adquisición involucra los intereses de Banmédica tanto en el negocio de seguros médicos privados como en Pacífico S.A. Entidad Prestadora de Salud (Pacífico EPS) en Perú. Al completar la transacción, Credicorp se convertirá en el único propietario de ambos negocios a través de sus filiales Grupo Crédito S.A. y Pacifico Seguros. La operación tiene como objetivo fortalecer la posición de Credicorp en el sector de seguros y acceso a la salud, al tiempo que promueve la inclusión financiera en Perú. La compañía asegura a los interesados que no habrá interrupciones en el servicio ni en la administración de pólizas.
Credicorp (NYSE: BAP)는 2014년 12월에 설립된 조인트 벤처에서 Empresas Banmédica의 50% 지분을 인수하기 위한 계약을 발표했습니다. 이 인수는 페루의 Banmédica의 민간 의료 보험 사업과 Pacífico S.A. Entidad Prestadora de Salud (Pacifico EPS)에 대한 지분을 포함합니다. 완료되면, Credicorp는 Grupo Crédito S.A.와 Pacifico Seguros라는 자회사를 통해 두 사업의 단독 소유자가 됩니다. 이 거래는 Credicorp의 보험 및 의료 접근 분야에서의 위치를 강화하고 페루에서의 금융 포용성을 촉진하는 것을 목표로 하고 있습니다. 회사는 이해관계자들에게 서비스나 정책 관리에 중단이 없을 것이라고 보장합니다.
Credicorp (NYSE: BAP) a annoncé un accord pour acquérir la participation de 50% d'Empresas Banmédica dans leur coentreprise établie en décembre 2014. L'acquisition concerne les intérêts de Banmédica à la fois dans le secteur de l'assurance médicale privée et dans Pacífico S.A. Entidad Prestadora de Salud (Pacífico EPS) au Pérou. Une fois terminée, Credicorp deviendra l'unique propriétaire des deux entreprises via ses filiales Grupo Crédito S.A. et Pacifico Seguros. La transaction vise à renforcer la position de Credicorp dans le domaine de l'assurance et de l'accès aux soins de santé, tout en promouvant l'inclusion financière au Pérou. L'entreprise assure aux parties prenantes qu'il n'y aura pas d'interruption des services ni de gestion des polices.
Credicorp (NYSE: BAP) hat eine Vereinbarung zur Übernahme des 50%-Anteils von Empresas Banmédica an ihrem im Dezember 2014 gegründeten Joint Venture bekannt gegeben. Die Übernahme beinhaltet Banmédicas Interessen im Bereich der privaten Krankenversicherung sowie bei Pacífico S.A. Entidad Prestadora de Salud (Pacifico EPS) in Peru. Nach Abschluss wird Credicorp der alleinige Eigentümer beider Geschäfte durch seine Tochtergesellschaften Grupo Crédito S.A. und Pacifico Seguros. Die Transaktion zielt darauf ab, die Position von Credicorp im Bereich Versicherung und Gesundheitszugang zu stärken und gleichzeitig die finanzielle Inklusion in Peru zu fördern. Das Unternehmen versichert den Stakeholdern, dass es zu keinen Unterbrechungen im Service oder in der Verwaltung von Policen kommen wird.
- Full ownership acquisition strengthens market position in Peru's insurance sector
- Strategic consolidation of private medical insurance and corporate health insurance businesses
- Enhanced control over operations and decision-making post-acquisition
- Continuity assured for existing customers and stakeholders
- None.
Insights
This strategic acquisition marks a significant consolidation in Peru's insurance and healthcare sector. By acquiring Banmedica's 50% stake, Credicorp gains complete control over both the private medical insurance business and Pacifico EPS, strengthening its market position in Peru's healthcare insurance sector. Key strategic benefits include:
- Full operational control over both insurance businesses
- Enhanced ability to implement technology improvements
- Streamlined decision-making process
- Improved integration with Credicorp's existing financial services
The deal aligns with Credicorp's strategy to expand its insurance footprint and improve healthcare accessibility in Peru. The transaction should provide operational synergies and potentially lead to improved margins through consolidated operations. While financial terms weren't disclosed, the acquisition reinforces Credicorp's dominant position in Peru's financial services sector.
This consolidation represents a significant shift in Peru's private healthcare landscape. Taking full control of both the medical insurance and EPS businesses positions Credicorp to better integrate healthcare delivery with insurance services. The vertical integration could lead to improved cost management and service delivery efficiencies. The focus on technology investment suggests potential modernization of healthcare delivery systems and digital health initiatives. This move could accelerate the adoption of innovative healthcare solutions while maintaining competitive pricing in the Peruvian market.
Lima, Nov. 01, 2024 (GLOBE NEWSWIRE) -- Lima, PERU, November 1st, 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 it has reached an agreement to acquire Empresas Banmédica (“Banmedica”)'s
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.
By virtue of this acquisition, Banmedica will transfer its
Upon completion of the transaction, the partnership will be terminated and Credicorp, through its subsidiaries Grupo Crédito 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.
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/ 205 million for 2023, 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 2023 the company reported a net income of S/ 810 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 stake is Credicorp (BAP) acquiring in the Empresas Banmédica joint venture?
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