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Credicorp Nominates New Directors for 2026 Shareholder Meeting
Credicorp announced that its Board of Directors has approved the proposal of candidates to stand for election to the Board at the Company's 2026 Annual General Meeting of Shareholders, to be held on Tuesday, March 31, 2026, as a pure virtual meeting. The Board will propose the election of three new directors: Maria Ines Alvarez, Juan Paredes Manrique and Manuel Romero Valdez. If elected, they will join the Board effective March 31st, succeeding Antonio Abruna Puyol, Alexandre Gouvea and Patricia Lizarraga Guthertz, who have announced their intention to retire from the Board. All other current Board directors will stand for re-election.
Credicorp's Subsidiary Tenpo Receives Chile's First Digital Banking License
Credicorp announced that Tenpo, its digital banking subsidiary in Chile, has received operating authorization from the Comision para el Mercado Financiero, Chile's financial markets regulator. This approval makes Tenpo the first licensed neobank in Chile under the country's general banking law. Tenpo is expected to begin operations as a regulated bank in the first half of 2026, offering checking accounts, consumer loans, and term deposits.
Credicorp Acquires 100% of Helm Bank USA for $180M
Credicorp last night announced that its subsidiary Banco de Credito del Peru has entered into an agreement to acquire 100% of the issued and outstanding shares of Helm Bank USA for $180M, subject to customary price adjustment at closing. Helm Bank, a Florida state-chartered community bank, had $1.1B in assets and $106.8M in shareholders' equity as of September 30. "This acquisition allows us to deepen our ability to serve Latin Americans whose financial lives span both their home countries and the United States. We believe that Helm Bank's legacy as a community-focused institution combined with its expertise in serving international clients, aligns perfectly with our strategy. We look forward to strengthening that role and enhancing its capabilities within our broader ecosystem," said Gianfranco Ferrari, CEO of Credicorp. The completion and closing of the transaction are subject to customary closing conditions, including regulatory approvals in the United States and Peru.
Credicorp provides update on tax dispute with SUNAT
Credicorp provided an update regarding the tax dispute disclosed on June 30, 2025. The company said, "The Company announced that the total amount of the Tax Assessment Resolutions and Fine Resolutions issued by the Peruvian Tax Authority on June 27, 2025, totaling approximately S/ 1.6 billion soles, has been cancelled. This update does not alter the Company's position regarding the merits of the case and resolves any potential misperception of outstanding obligations to the Peruvian State. Grupo Credito has reaffirmed its decision to exercise all legal rights available to challenge the Resolutions. While the Company remains confident in a favorable outcome and continues to assess the contingency as remote, no expense provisions have been deemed necessary. Credicorp reiterates its commitment to full regulatory and tax compliance, and to safeguarding the interests of its employees, clients, and shareholders."
Credicorp initiates legal action against Peruvian Tax Administration
Credicorp, through its subsidiary Grupo Credito, initiates legal action against the Peruvian Tax Administration for disregarding the law and the decision of SUNAT's Review Committee, whose rulings are binding under current legislation. The Company expresses concern that SUNAT is ignoring the legal framework in effect at the time of the transactions in question, thereby undermining legal certainty for companies operating in Peru. The transactions in question involved Grupo Credito purchasing Banco de Credito del Peru shares from Credicorp in 2018 and 2019, through the Lima Stock Exchange. At the time, Peruvian law exempted such transactions from income tax, provided that the transferred shares did not exceed 10% of the total outstanding shares of the issuing company within a 12-month period. These transactions were communicated to the Superintendencia del Mercado de Valores, approved by the Superintendencia de Banca, Seguros y AFP and duly registered with Registro Central de Valores y Liquidaciones. They were conducted transparently and in full compliance with applicable legal and regulatory requirements. Credicorp notes that this case was previously reviewed by SUNAT's own Review Committee, which confirmed the authenticity of the transactions and found no grounds for tax elusion claims. Nevertheless, SUNAT has reopened the matter and is now seeking over S/.1.5B in purported unpaid income tax and accrued interest. Credicorp views this action as a serious breach of legal predictability, given it involves both the disregard of established legal norms, and the reopening of a case already assessed and resolved by SUNAT's own Review Committee. In accordance with International Accounting Standards, no expense provisions are necessary. Credicorp is evaluating this new development and will respond through all appropriate legal and administrative channels. Grupo Credito, the entity involved, reaffirms its commitment to full regulatory and tax compliance, and to protecting the interests of its employees, clients, and investors.
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