Peru’s BCP Strikes Deal with Colombian Brokerage

Banco de Credito del Peru has agreed to pay $76m for a 51% stake in Colombian brokerage Correval. Under the deal, Correval was estimated to have an enterprise value of $150m, Correval spokesman Mario Alejandro Nieto tells LatinFinance. Nieto says that Correval which was advised by JP Morgan, conducted a year-long negotiation process that finally reached fruition this week. Nieto could not offer any details on the valuation or whether the transaction was paid for fully in cash. BCP officials could not be reached for more details. Credicorp, the owner of BCP, said in a statement that MILA, the integrated market created between Peru, Chile and Colombia has prompted the financial institution to look for opportunities beyond its borders.