Credicorp Ltd. history, profile and corporate video
Credicorp Ltd. is a financial services holding company headquartered in Peru. It has commercial banking, investment banking, insurance, and pension fund operations.
HISTORY
Credicorp Ltd. was established in 1995 as a holding company comprising BCP, Grupo Pacifico and Atlantic Security Bank. BCP initiated operations in 1889 under the name Banco Italiano, being renamed Banco de Credito del Peru in 1942.
In 2002, Banco Santander Central Hispano Peru was purchased.
In 2005, Prima AFP was founded.
In 2006, Prima AFP acquired AFP Union Vida through a merger.
In 2009, BCP acquired Financiera Edyfiicar.
In 2010, Credicorp Ltd. acquired Alico’s combined 20,1% and 38 stakes in Pacifico Seguros and Pacifico Vida, increasing its share to 96% and 100% respectively.
In 2012, the company acquired a 51% stake in Correval S.A., and Credicorp Capital Peru was founded.
In 2012, Credicorp acquired a 60,6% stake in Inversiones IM Trust S.A.
In 2014, Mibanco by Edyficar was acquired.
In 2015, the partnership agreement between PPS and Banmedica became effective. The agreement with Banmedica included that the private health insurance business is managed by Grupo pacifico, and the business of corporate health insurance for payroll employees and the medical services are managed by Banmedica. Banmedica was acquired by UnitedHealth Group in 2018.
In 2017, Pacifico Vida merged with Pacifico Seguros.
In 2019, the company acquired digital business Multicaja, Ultraserfinco and Bancompartir, and participated in Culqui, Wally and Lumingo.
OPERATIONS
Credicorp operates through the following business segments: Universal Banking, Microfinance, Insurance and Pensions, and Investment Banking & Wealth Management.
Universal Banking
The Universal Banking segment captures deposits and provides lending to individuals and companies with a wide range of products offered through its different segments.
Subsidiaries: Banco de Credito del Peru-BCP and Banco de Credito de Bolivia.
Microfinance
The Microfinance segment provides banking products tailored for micro-entrepreneurs.
Subsidiaries: Mibanco and Encumbra.
Insurance and Pensions
The insurance and Pensions segment involves insurance products focusing on three business areas: property and casualty (P&C), life insurance and health insurance, as well as managing private retirement funds.
Subsidiaries: Grupo Pacifico and Prima AFP.
Investment Banking & Wealth Management
The Investment Banking & Wealth Management segment offers financial and transactional advisory services through our three lines of business: asset management, sales and trading, and corporate finance. It also offers wealth management products and services to affluent individuals such as investment advisory and financial planning.
Subsidiaries: Credicorp Capital and Atlantic Security Bank.
With more than 35,000 employees, Credicorp Ltd. is considered one of the largest financial services holding companies in Peru. According to Forbes, it is considered one of the Largest Public Companies in the World.
*Information from Forbes.com, Wikipedia.org, and www.grupocredicorp.com.
**Video published on YouTube by “Grupo Credicorp“.