During the last semester of 2013 and the first trimester of 2014, Hernandez & Cia. Abogados advised Empresa Financiera Edyficar S.A. (Edyficar), a company that belongs to Credicorp Ltd.´s same economic group and a subsidiary of Banco de Crédito del Perú S.A.A.- the most important financial institution in Peru-, in the acquisition of 60.68% of the total shares issued by MiBanco, Banco de la Microempresa S.A. (MiBanco), property of MiBanco´s prior controlling shareholder, Grupo ACP Corp. S.A.A.
The purchase amount involved was of US$179`484,000.00 for the acquisition of the abovementioned MiBanco´s shares. Furthermore, the transaction structure also allowed the possible execution of a merger between Edyficar and MiBanco.
MiBanco is rated as one of the top microfinance banks in Peru. By means of this transaction, Edyficar and MiBanco, jointly, will manage an overall local portfolio of approximately S/.9´000,000.00, turning them into the most important microfinance group in Peru and Latin America.