Lima, Dec. 30, 2024 (GLOBE NEWSWIRE) -- LIMA, PERU, December 30, 2024 – Credicorp Ltd. (“Credicorp”) (NYSE: BAP | BVL: BAP), the leading financial services holding company in Peru with a presence in Chile, Colombia, Bolivia, and Panama, announced today that its subsidiary Credicorp Capital S.A. Sociedad Administradora de Fondos (“Credicorp Capital”), has notified its clients that it has offered to purchase 100% of the value of investments in the Credicorp Capital Factoring Dólares FMIV and Credicorp Capital Factoring Soles FMIV funds. These funds, which had exposure to assets managed by Sartor Administradora General de Fondos S.A. (“Sartor”) in Chile, a third-party fund manager, were impacted by recent regulatory actions and alleged misconduct at Sartor.

To facilitate the purchase process, Credicorp Capital will execute participation transfer agreements through its affiliate Atlantic Security Holding Corporation (ASHC), covering up to US$125.3 million in investment value. As a result, Credicorp Capital (directly or through its affiliate) would assume creditor status with respect to Sartor, pursuing legal actions to recover funds and holding those responsible accountable. Credicorp expects to partially recover these funds and will be providing updates as they become available.

As publicly disclosed, the Chilean Financial Market Commission (CMF) recently ordered the suspension of contributions, as well as redemptions and payments, of all funds managed by Sartor, which included the Credicorp Capital Factoring Soles FMIV and Credicorp Capital Factoring Dólares FMIV funds. Following a complaint filed by Credicorp Capital, the CMF issued a resolution on December 20, 2024, by which it (i) revoked Sartor’s authorization to operate, and (ii) ordered the liquidation of all funds under Sartor’s management.

In response to this situation, Credicorp Capital has committed to acquiring through ASHC the value of the investment units from its clients within 45 days. This move seeks to ensure that clients will not bear the uncertainty of the liquidation process of Sartor-managed funds, which was mandated by the CMF.

About Credicorp Ltd.

Credicorp Ltd. (NYSE: BAP) is the leading financial services holding company in Peru, with a diversified business portfolio organized into four primary lines of business: Universal Banking, through Banco de Crédito del Perú (BCP) and Banco de Crédito de Bolivia; Microfinance, through Mibanco in Peru and Colombia; Insurance and Pension Funds, through Grupo Pacifico and Prima AFP; and Investment Management and Advisory, through Credicorp Capital and ASB Bank Corp. Credicorp has a presence in Peru, Chile, Colombia, Bolivia, and Panama.

Safe Harbor Statement

This press release contains forward-looking statements. These statements, which include words such as “will”, “would”, “expects” and “seeks”, are based on the current beliefs and expectations of Credicorp's management and are subject to risks and uncertainties. Actual results may differ materially from those projected. Credicorp Ltd. assumes no obligation to update these statements.

For more information, please refer to our filings with the U.S. Securities and Exchange Commission.

IR Contact:

investorrelations@credicorpperu.com

Investor Relations
Credicorp Ltd.