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Credicorp Unit Agrees to Buy Control of Peru’s Top Microfinancer

Credicorp Ltd., Peru’s biggest financial services group, said its microfinance unit will buy 61 percent of Mibanco, the biggest provider of loans to the Andean nation’s smallest companies.

Empresa Financiera Edyficar SA will pay $179 million for Grupo ACP Corp SAA’s stake in the Lima-based lender, 1.3 times book value, Credicorp said in a statement on its website. The acquisition is subject to regulatory approval, and an offer to minority shareholders will follow, it said.