Peru's biggest bank to acquire microfinance group

Banco de Credito, Peru’s largest bank, said on Monday it has reached a deal to acquire a 77.1 percent stake in the country’s second-largest microfinance group, Financiera Edyficar, for nearly $80 million.

The bank’s chief executive, Walter Bayly, told reporters the deal was part of a $96 million offer for the whole of Edyficar, which is controlled by the nongovernmental organization CARE.

“It’s very likely, though there is no confirmation yet, that we’ll wind up being 100 percent owners of the company,” Bayly said.

Besides CARE, the other holders in the microfinance group are the International Finance Corporation and MicroVest, an microfinance investment firm.

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