BCP Acquires Stake in Insurer Willis Peru

Credicorp, the brokerage arm of Banco de Credito del Peru, has acquired a 49.4% stake in Willis Peru, a subsidiary of global insurer Willis Europe. The Peruvian entity will acquire the shares through its Grupo Credito subsidiary, but the terms of the deal were not disclosed. Credicorp notes in a statement that the investment is “less than 1% of Credicorp’s capital.” As of December 31, Credicorp’s total capital amounted to $30.92bn, meaning that 1% of the company’s capital would stand at $309m. Officials at Credicorp and Willis Group officials were not immediately available for comment. Credicorp’s move to acquire a large stake in the insurer follows its strategy of positioning the firm with a stronger footing in the insurance business in the Peruvian market. As part of the deal, Willis Peru has struck an agreement to provide affinity insurance to Credicorp. The Peruvian financial firm has been in an acquisitive mode in recent months. In December, Credicorp paid $76m for a 51% stake in Colombian brokerage Correval, part of a strategy to position itself for the growth of the Andean region’s integrated equities market, known as MILA.