We are the largest financial services holding company in Peru with a growing presence in the Latin American region. Over the past 10 years, Credicorp has consistently grown its net income at a compounded annual growth rate of 10.2%, well above the 3.6% growth registered for Peruvian GDP during the same period. The diversity and strength of Credicorp’s operations, organized under four lines of business (LoB), and deep relationships with our clients, supported by over 35,800 colleagues, have translated into a track record of resilience across economic cycles.


Lines of Business

Universal Banking

The Universal Banking business is organized into (i) wholesale banking activities, carried out by BCP Stand-alone’s Wholesale Banking Group (WBG); (ii) retail banking activities, carried out by BCP Stand-alone’s Retail Banking Group (RBG); (iii) treasury activities carried out by BCP Stand-alone’s Treasury; and (iv) wholesale and retail banking activities in Bolivia.

As of Q2 2020, BCP Stand-alone’s loan portfolio and deposit base grew at a faster pace than the banking system driven by our client centric strategy. The strategy, which aims to improve experiences in all segments by upgrading and innovating digital banking, has resulted in individual digital clients reached of 50% of the base, or 4.3 million.

Microfinance

Mibanco is the undisputed leader in the micro and small business segments in Peru and comprised 92% of the total loan portfolio of the microfinance line of business. In 2019 Mibanco banked over 109,000 clients and was present in 24 departments in the country with the largest branch network and regional leadership in the main cities. Over the last five years more than 580,000 Peruvians received their first-ever loan from Mibanco.

Mibanco is moving from a traditional model to a hybrid decision-making model enabled by an intensive investment in the data collection, analytics and digital capabilities.

The Microfinance business has important growth potential in the Latin American region, where we haved additional operations in Colombia through Encumbra and Bancompartir, and in Bolivia through Si Vamos Juntos. Through our Microfinance business model we will further deliver our mission to support financial inclusion.

Insurance & Pension Funds

The Insurance & Pension Funds LoB is made up of Grupo Pacifico Asegurador, one of the largest insurance and reinsurance companies in Peru, which offers a broad spectrum of products in the Life, health and property & casualty businesses and Prima AFP, Peru’s second largest administrator of private pension funds in terms of total assets under management, with over S/ 46 billion as of June 2020.

Pacifico will continue to focus on capturing growth in the Peruvian market, which has amongst the lowest penetration levels in the region, through educating the population about the importance of insurance to mitigate personal and business risks; and growing in such channels as bancassurance to leverage the group’s synergies. Additionally, Prima AFP will continue its efforts to optimize return for our clients.

Investment Banking & Wealth Management

The Investment Banking & Wealth Management LoB comprises four main business units including, Asset Management, Wealth Management, Capital Markets and Corporate Finance.

Credicorp Capital carries out its Investment Banking & Wealth Management operations under the umbrella of a single Latin American regional model through Credicorp Capital Peru, Credicorp Capital Colombia, and Credicorp Capital Chile which hold considerable market shares in the Peruvian, Colombian and Chilean markets, respectively.

In total, our AUM for the Asset Management and Wealth Management business, across institutional and retail clients, topped S/ 72billion and S/ 56 billion, respectively at the end of June 2020.

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Luis Enrique Romero

Executive Chairman

Mr. Romero B. was appointed Executive Chairman on June 10, 2020 and has been a Director of Credicorp Ltd. since 2017 and Banco de Credito del Peru since 2009. He is also a Member of the Board of Pacifico Cia. de Seguros y Reaseguros.

Mr. Romero B. was the CFO of Alicorp S.A.A. and later Financial Manager and CEO in Corporacion General de Servicios S.A., Holding of the companies of Grupo Romero. In addition, he held the position of Executive Chairman at GRIO S.A. (Grupo Romero Investment Office). Mr. Romero B. is also Chairman of the Board of Ransa Comercial S.A. (Logistics Services), Trabajos Maritimos S.A. - TRAMARSA y Terminal Internacional del Sur S.A. - TISUR (Port Infrastructure); Vice-President of the Board of Alicorp S.A.A. (Massive Consumption) and, member of the Board of Inversiones Centenario S.A. (Real estate), Agricola de Chira S.A. (Sugar and ethanol), Corporacion Primax S.A. (Energy), Palmas e Industrias del Espino S.A. (Palm Oil), among other companies that make up Grupo Romero.

Mr. Romero B. holds a Bachelor of Economics degree from Boston University, USA.

Walter Bayly

Chief Executive Officer

Mr. Bayly has been the CEO of Credicorp Ltd. since April 2018. Previously he was the CEO of Banco de Credito del Peru and COO of Credicorp Ltd., a position he held since April 2008.

Currently, he is the Chairman of the Board of Mibanco, Credicorp Capital Ltd. and BCP Bolivia. He is also a member of the Board of other Credicorp subsidiaries including Atlantic Security Bank, Pacifico Cia. de Seguros y Reaseguros AND Pacifico Empresa Prestadora de Salud.

Previously, Mr. Bayly was the CFO of Banco de Credito del Peru and held additional management positions in Wholesale Banking, Investment Banking and the Systems & Reengineering groups. Mr. Bayly joined BCP in 1993, after three years at Casa Bolsa Mexico where he was Partner and Managing Director in Corporate Finance. Prior to that, for ten years he worked at Citibank in Lima, New York, Mexico, and Caracas, primarily in corporate finance and loan syndications.

Mr. Bayly is currently member of the Board of Directors of The Institute of International Finance, International Monetary Council and Inversiones Centenario, and Member of the Board of Advisors for Universidad del Pacifico.

Mr. Bayly received a Bachelor in Business Administration degree from Universidad del Pacifico in Lima, Peru, and an MBA from Arthur D. Little Management Education Institute in Cambridge, Massachusetts.

Alvaro Correa

Deputy CEO, Head of Insurance & Pension Funds, Investment Banking & Wealth Management

Mr. Correa has been the Deputy CEO of Credicorp Ltd. since April 2018. Furthermore, Mr. Correa oversees our Insurance & Pension Funds and Investment Banking & Wealth Management lines LoBs. Mr. Correa also served as the CEO of Grupo Pacifico between 2013 and 2019.

Mr. Correa joined Banco de Credito del Peru in 1997, where he held various management positions in Risk and IT at Banco de Credito del Peru and served as the CEO of ASB and BCP’s Miami Agencies. From April 2008 to September 2013, Mr. Correa was the Chief Financial Officer of Credicorp Ltd. and BCP. Additionally, he is a member of the Boards of Prima AFP, Credicorp Capital Ltd., Pacifico EPS and Atlantic Security Bank. Currently, he is the President of the Board of Directors of Prima AFP.

Mr. Correa holds a degree in Industrial Engineering from the Pontificia Universidad Catolica del Peru and an MBA from Harvard Business School, USA.

Gianfranco Ferrari

Deputy CEO, Head of Universal Banking and CEO of BCP

Mr. Ferrari has been the Deputy CEO and Head of Universal Banking of Credicorp Ltd. and the CEO of Banco de Credito del Peru since April 2018. He has worked at Credicorp Ltd. since 1995. Mr. Ferrari’s extensive and diverse experience includes strategic roles as Head of Corporate Banking & Corporate Finance, Head of Retail Banking & Wealth Management at Banco de Credito del Peru, and CEO of BCP Bolivia from 2005 to 2008. He led the acquisition of Edyficar in 2009 and Mibanco in 2014. In 2015, he began leading BCP’s Digital Transformation Strategy. He is also a member of the Board of BCP Bolivia.

Mr. Ferrari holds a degree in Business Administration from Universidad del Pacifico and has an MBA from Kellogg Graduate School of Management, Northwestern University, USA.

Javier Ichazo

Head of Microfinance and CEO of Mibanco

Mr. Ichazo is the CEO of Mibanco and Head of Microfinance of Credicorp Ltd. He began his career at Banco de Credito del Peru in 1996 and held a variety of positions in various regions of Peru. In addition to his extensive knowledge in banking and finance Mr. Ichazo brings his experience as Business Manager at Banco de Credito del Peru from 2004 to 2017.

Mr. Ichazo is the Chairman of the Board of Edyficar SAS, Encumbra, and Vice Chairman of the Board of ASOMIF (Association of Microfinance institutions of Peru).

Mr. Ichazo has a Bachelor’s degree in Economics and Administration from the University of Piura (Peru) and holds an MBA from the School of Management of the University of Piura.

Eduardo Montero

Head of Investment Banking & Wealth Management and CEO of Credicorp Capital

Mr. Eduardo Montero has been the Head of Investment Banking & Wealth Management of Credicorp Ltd. and the CEO of Credicorp Capital Ltd. since January 2019. He has worked at Credicorp Ltd. since 1994. His extensive experience in the organization includes expertise in different areas such as Corporate Finance, Business Solutions and Retail and Consumer Banking at Banco de Credito del Peru. He also held the position of CEO at ASB, BCP Miami and Credicorp Securities.

Mr. Montero holds a Bachelor's degree in Economics from Lehigh University (USA), and an MBA from the Wharton School at the University of Pennsylvania, USA.

Cesar Rios

Chief Financial Officer

Mr. Rios has served as the Chief Financial Officer of Credicorp Ltd. and BCP since April 2018. He has worked at Credicorp Ltd. since 1993, when he joined as an Associate in Corporate Finance. In 1997, he was appointed as Chief Financial Officer and Chief Operating Officer of Banco Capital in El Salvador, after Credicorp acquired this institution. In 2003, Mr. Rios re-joined BCP, where he worked in strategic roles such as Head of Credit and Operating Risk in the Risk Management Unit, Head of Collections for Retail Banking, and Head of Corporate Strategy, which includes corporate strategy, internal consulting, mergers and acquisitions, and business incubation. In 2013 he became Head of Financial Planning and Control at BCP.

Currently, Mr. Rios is a board member of several of Credicorp’s subsidiaries, including, among others, Mibanco, Solucion Empresa Administradora Hipotecaria, and Grupo Credito.

Mr. Rios holds a Bachelor’s degree in Engineering from Pontificia Universidad Catolica (Peru); a Master’s degree from ESAN Escuela de Administracion de Negocios para Graduados (Peru); and an MBA from the Massachusetts Institute of Technology Sloan Fellows Program, USA.

Milagros Ciguenas

Investor Relations Officer

Mrs. Ciguenas was appointed IRO of Credicorp, Ltd in August of 2019. She joined Credicorp Ltd. in 2017, as Efficiency and Productivity Manager for the company’s main subsidiary, Banco de Credito del Peru, after thirteen years of experience as Head of the Financial Management, Investor Relations and Financial Planning areas of BBVA Perú, and Head of Value Based Management at the Spanish group’s holding company.

Mrs. Ciguenas holds a Bachelor of Science in Industrial Engineering from the Pontificia Universidad Catolica (Peru) and an MBA from the Wharton School at the University of Pennsylvania, USA.

Luis Enrique Romero

Executive Chairman

Mr. Romero B. was appointed Executive Chairman on June 10, 2020 and has been a Director of Credicorp Ltd. since 2017 and Banco de Credito del Peru since 2009. He is also a Member of the Board of Pacifico Cia. de Seguros y Reaseguros.

Mr. Romero B. was the CFO of Alicorp S.A.A. and later Financial Manager and CEO in Corporacion General de Servicios S.A., Holding of the companies of Grupo Romero. In addition, he held the position of Executive Chairman at GRIO S.A. (Grupo Romero Investment Office). Mr. Romero B. is also Chairman of the Board of Ransa Comercial S.A. (Logistics Services), Trabajos Maritimos S.A. - TRAMARSA y Terminal Internacional del Sur S.A. - TISUR (Port Infrastructure); Vice-President of the Board of Alicorp S.A.A. (Massive Consumption) and, member of the Board of Inversiones Centenario S.A. (Real estate), Agricola de Chira S.A. (Sugar and ethanol), Corporacion Primax S.A. (Energy), Palmas e Industrias del Espino S.A. (Palm Oil), among other companies that make up Grupo Romero.

Mr. Romero B. holds a Bachelor of Economics degree from Boston University, USA.

Walter Bayly

Chief Executive Officer

Mr. Bayly has been the CEO of Credicorp Ltd. since April 2018. Previously he was the CEO of Banco de Credito del Peru and COO of Credicorp Ltd., a position he held since April 2008.

Currently, he is the Chairman of the Board of Mibanco, Credicorp Capital Ltd. and BCP Bolivia. He is also a member of the Board of other Credicorp subsidiaries including Atlantic Security Bank, Pacifico Cia. de Seguros y Reaseguros AND Pacifico Empresa Prestadora de Salud.

Previously, Mr. Bayly was the CFO of Banco de Credito del Peru and held additional management positions in Wholesale Banking, Investment Banking and the Systems & Reengineering groups. Mr. Bayly joined BCP in 1993, after three years at Casa Bolsa Mexico where he was Partner and Managing Director in Corporate Finance. Prior to that, for ten years he worked at Citibank in Lima, New York, Mexico, and Caracas, primarily in corporate finance and loan syndications.

Mr. Bayly is currently member of the Board of Directors of The Institute of International Finance, International Monetary Council and Inversiones Centenario, and Member of the Board of Advisors for Universidad del Pacifico.

Mr. Bayly received a Bachelor in Business Administration degree from Universidad del Pacifico in Lima, Peru, and an MBA from Arthur D. Little Management Education Institute in Cambridge, Massachusetts.

Alvaro Correa

Deputy CEO, Head of Insurance & Pension Funds, Investment Banking & Wealth Management

Mr. Correa has been the Deputy CEO of Credicorp Ltd. since April 2018. Furthermore, Mr. Correa oversees our Insurance & Pension Funds and Investment Banking & Wealth Management lines LoBs. Mr. Correa also served as the CEO of Grupo Pacifico between 2013 and 2019.

Mr. Correa joined Banco de Credito del Peru in 1997, where he held various management positions in Risk and IT at Banco de Credito del Peru and served as the CEO of ASB and BCP’s Miami Agencies. From April 2008 to September 2013, Mr. Correa was the Chief Financial Officer of Credicorp Ltd. and BCP. Additionally, he is a member of the Boards of Prima AFP, Credicorp Capital Ltd., Pacifico EPS and Atlantic Security Bank. Currently, he is the President of the Board of Directors of Prima AFP.

Mr. Correa holds a degree in Industrial Engineering from the Pontificia Universidad Catolica del Peru and an MBA from Harvard Business School, USA.

Gianfranco Ferrari

Deputy CEO, Head of Universal Banking and CEO of BCP

Mr. Ferrari has been the Deputy CEO and Head of Universal Banking of Credicorp Ltd. and the CEO of Banco de Credito del Peru since April 2018. He has worked at Credicorp Ltd. since 1995. Mr. Ferrari’s extensive and diverse experience includes strategic roles as Head of Corporate Banking & Corporate Finance, Head of Retail Banking & Wealth Management at Banco de Credito del Peru, and CEO of BCP Bolivia from 2005 to 2008. He led the acquisition of Edyficar in 2009 and Mibanco in 2014. In 2015, he began leading BCP’s Digital Transformation Strategy. He is also a member of the Board of BCP Bolivia.

Mr. Ferrari holds a degree in Business Administration from Universidad del Pacifico and has an MBA from Kellogg Graduate School of Management, Northwestern University, USA.

Javier Ichazo

Head of Microfinance and CEO of Mibanco

Mr. Ichazo is the CEO of Mibanco and Head of Microfinance of Credicorp Ltd. He began his career at Banco de Credito del Peru in 1996 and held a variety of positions in various regions of Peru. In addition to his extensive knowledge in banking and finance Mr. Ichazo brings his experience as Business Manager at Banco de Credito del Peru from 2004 to 2017.

Mr. Ichazo is the Chairman of the Board of Edyficar SAS, Encumbra, and Vice Chairman of the Board of ASOMIF (Association of Microfinance institutions of Peru).

Mr. Ichazo has a Bachelor’s degree in Economics and Administration from the University of Piura (Peru) and holds an MBA from the School of Management of the University of Piura.

Eduardo Montero

Head of Investment Banking & Wealth Management and CEO of Credicorp Capital

Mr. Eduardo Montero has been the Head of Investment Banking & Wealth Management of Credicorp Ltd. and the CEO of Credicorp Capital Ltd. since January 2019. He has worked at Credicorp Ltd. since 1994. His extensive experience in the organization includes expertise in different areas such as Corporate Finance, Business Solutions and Retail and Consumer Banking at Banco de Credito del Peru. He also held the position of CEO at ASB, BCP Miami and Credicorp Securities.

Mr. Montero holds a Bachelor's degree in Economics from Lehigh University (USA), and an MBA from the Wharton School at the University of Pennsylvania, USA.

Cesar Rios

Chief Financial Officer

Mr. Rios has served as the Chief Financial Officer of Credicorp Ltd. and BCP since April 2018. He has worked at Credicorp Ltd. since 1993, when he joined as an Associate in Corporate Finance. In 1997, he was appointed as Chief Financial Officer and Chief Operating Officer of Banco Capital in El Salvador, after Credicorp acquired this institution. In 2003, Mr. Rios re-joined BCP, where he worked in strategic roles such as Head of Credit and Operating Risk in the Risk Management Unit, Head of Collections for Retail Banking, and Head of Corporate Strategy, which includes corporate strategy, internal consulting, mergers and acquisitions, and business incubation. In 2013 he became Head of Financial Planning and Control at BCP.

Currently, Mr. Rios is a board member of several of Credicorp’s subsidiaries, including, among others, Mibanco, Solucion Empresa Administradora Hipotecaria, and Grupo Credito.

Mr. Rios holds a Bachelor’s degree in Engineering from Pontificia Universidad Catolica (Peru); a Master’s degree from ESAN Escuela de Administracion de Negocios para Graduados (Peru); and an MBA from the Massachusetts Institute of Technology Sloan Fellows Program, USA.

Milagros Ciguenas

Investor Relations Officer

Mrs. Ciguenas was appointed IRO of Credicorp, Ltd in August of 2019. She joined Credicorp Ltd. in 2017, as Efficiency and Productivity Manager for the company’s main subsidiary, Banco de Credito del Peru, after thirteen years of experience as Head of the Financial Management, Investor Relations and Financial Planning areas of BBVA Perú, and Head of Value Based Management at the Spanish group’s holding company.

Mrs. Ciguenas holds a Bachelor of Science in Industrial Engineering from the Pontificia Universidad Catolica (Peru) and an MBA from the Wharton School at the University of Pennsylvania, USA.