The bank intends to increase its presence in Peru's microfinance market
Banco de Credito, a Peru-based bank, has purchased 77.1% of the shares of microfinance company, Financiera Edyficar for approxiamtely $80 billion – reported Reuters. Walter Bayly, CEO of Banco de Credito told reporters that the deal was part of a $96 million offer for the whole of Edyficar, which is controlled by the non-governmental organization – CARE.
We consider Edyficar to be a success in its market segment, and we want to bring capital and technology so that it can continue expanding its current capacities and to implement its strategic plan, he said.
Apart from CARE, the other holders in Financiera Edyficar are the International Finance Corporation and MicroVest, another microfinance investment firm. It has been reported that the bank is planning to launch an IPO for the rest of the outstanding shares, in line with the regulations of the Peru government.
The bank hopes that the acquistion will considerably increases its presence in Peru’s microfinance market from the current 16% to 20.6%, quoted Reuters.