Credicorp, a Peruvian financial services firm, has closed the acquisition of Ultraserfinco Comisionista de Bolsa after securing regulatory clearance for approximately $41m.
Ultraserfinco is a broker-dealer based in Colombia. The firm's business line covers wealth management, asset management as well as securities brokerage. It has clients in Barranquilla, Bogota, Bucaramanga, Cali, Cartagena and Medellin.
The deal includes Ultraserfinco's operations in Colombia as well as its Miami affiliate Ultralat, which houses a broker-dealer and a registered investment adviser. Credicorp already has a presence in Miami through broker-dealer Credicorp Capital Securities, which was established in 2001.
With this acquisition, Credicorp builds upon its existing Credicorp Capital business to become the undisputed leader in equities and fixed income trading in Colombia"
"With this acquisition, Credicorp Ltd. builds upon its existing Credicorp Capital business to become the undisputed leader in equities and fixed income trading in Colombia," the Peruvian firm said in a statement.
Apart from Peru, Credicorp has operations in Chile, Colombia, and Bolivia. It offers a range of services including investment banking and wealth management, universal banking, microfinance, and insurance & pension funds.