Credicorp Eyes Chilean Brokerage Buy

Credicorp, the holdco for Banco de Credito del Peru, is currently in talks to acquire a controlling stake in a Chilean brokerage, part of a strategy to expand its presence in the region, it says. Credicorp has been negotiating details of the deal, including the valuation, for two months now, an investor relations officer says, and no date is set yet to reach a conclusion. As things stand, Credicorp is looking to buy a 51% in a brokerage, the name of which Credicorp officials refuse to reveal. The Credicorp official declines to discuss an amount to be paid for the brokerage, but notes that the bank is seeking to expand its business to neighboring countries following the business of Peruvian countries that are now venturing abroad. Banco de Credito del Peru recently acquired a majority stake in Colombia’s Correval.