Peru's biggest bank to acquire microfinance group
LIMA, Sept 7 (Reuters) - Banco de Credito (CRE.LM), Peru's largest bank, said on Monday it has reached a deal to acquire a 77.1 percent stake in the country's second-largest microfinance group, Financiera Edyficar, for nearly $80 million.
The bank's chief executive, Walter Bayly, told reporters the deal was part of a $96 million offer for the whole of Edyficar, which is controlled by the nongovernmental organization CARE.
"It's very likely, though there is no confirmation yet, that we'll wind up being 100 percent owners of the company," Bayly said.
Besides CARE, the other holders in the microfinance group are the International Finance Corporation and MicroVest, an microfinance investment firm.
Bayly said the purchase will lift Banco de Credito's participation in the Peruvian microfinance market to 20.6 percent, from the 16 percent it has currently.
Edyficar has a loan portfolio of around $210 million and roughly 200,000 clients.
Banco de Credito is controlled by the financial holding company Credicorp (BAP.LM) (BAP.N), which also has assets in Bolivia.
(Reporting by Teresa Cespedes; Writing by Dana Ford; Editing by Richard Chang)
