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The transaction is subject to regulatory approval and would require BCP to make a public offer to buy the rest of Edyficar's shares held by other shareholders, BCP said in a filing with securities regulator Conasev.
Financiera Edyficar is valued at US$96mn, according to BCP.
Edyficar, which focuses on microlending, had a loan book of 619mn soles (US$208mn) at the end of July, according to financial services regulator SBS.
In a press release, BCP said Edyficar, with 195,000 clients, will continue to operate independently, maintain its brand name and continue to focus on providing financial services to low-income earners.
The bank also said the acquisition is in line with its strategy of leading all segments of the retail banking side.
BCP was the country's second largest player in microenterprise loans as of end-July, with 1.82bn soles in such loans, giving it a 35% market share. It followed only Mibanco, which had 2.03bn soles in microenterprise loans, for a 38% market share.
The acquisition strengthens BCP's position in a highly profitable market where lenders enjoy wide margins, and also diversifies its client base, Omar Milla, analyst at ratings agency PCR in Lima, told BNamericas. Edyficar will benefit from BCP's expertise in credit risk management, he added.