Peru’s BCP to Buy Controlling Stake in Chile’s IM Trust

Banco de Credito del Peru, the Andean country’s biggest bank, agreed to buy a majority stake in Chilean brokerage IM Trust as the two countries integrate their financial services industries and capital markets.

The unit of Credicorp Ltd., Peru’s largest financial services company, will buy a 60.6 percent shareholding in a deal that’s subject to due diligence and regulatory approval, Banco de Credito said in a regulatory filing. Credicorp shares fell 0.5 percent to $127.3 in Lima.

Credicorp, which is also buying a controlling stake in Colombia’s Correval SA, is creating a regional investment bank as Colombian, Peruvian and Chilean financial firms expand in the region while the three countries develop Latin America’s first stock market combination. The investment banking assets will be held in a separate Credicorp unit, said Christian Laub, who will head the unit.

“For the foreseeable future, BCP, Correval and IM Trust will be operating with their separate brands,” Laub said in a telephone interview. “This is going to be business as usual.”

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