Peru’s Credicorp is set to acquire 74.49% of the capital stock of Colombian microfinance bank Banco Compartir.

Credicorp will acquire the majority stake from a group of Banco Compartir shareholders including Colsubsidio, Cafam, Comfandi, Comfenalco Cartagena and Accion.

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Under the terms of the transaction, Credicorp will pay nearly COP254.8bn ($80m) as consideration.

Established in 1985, Bancompartir serves more than 450,000 customers through 104 branches in Colombia.

The lender offers microfinance and SME financing solutions to micro entrepreneurs and other underserved population segments.

As of 31 December 2018, Bancompartir had a loan portfolio of $243m and total deposits of $228m.

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The deal will enable Credicorp to further bolster its microfinance business in Latin America. It builds on the company’s successful acquisition and integration of Mibanco in Peru, and the establishment of Encumbra in Colombia in 2014.

Subject to regulatory approvals and other customary conditions, the Bancompartir acquisition is expected to close by the fourth quarter 2019.

Once complete, Maj Invest Financial Inclusion Fund II will hold a 22.45% interest in Bancompartir. The remaining 3.06% interest will be with 36 other shareholders. These shareholders may sell their stakes to Credicorp, under the same terms up until closing.

Besides Peru and Colombia, Credicorp operates in Chile and Bolivia. The company’s four business segments include Universal Banking, Microfinance, Insurance & Pension Funds, and Investment Banking & Wealth Management.