Lima, Sept. 25, 2019 (GLOBE NEWSWIRE) -- Lima, PERU, September 25, 2019 – Credicorp Ltd. announces to its shareholders and the market that the Board of Directors, in its session held on September 25, 2019, approved the distribution of a special cash dividend of PEN 755,058,536.00 for a total of 94,382,317 outstanding shares, which is equivalent to PEN 8.0000 per share, establishing as registration date on Wednesday October 23, 2019.
The cash dividend will be paid out on November 22, 2019, without withholding tax at source. The dividend will be paid in US Dollars using the weighted exchange rate registered by the Superintendency of Banks, Insurance and Pension Funds (Superintendencia de Banca, Seguros y AFP) for the transactions at the close of business on November 20, 2019. The US Dollar dividend amount will be rounded up to four decimals.
The Board's decision to approve the distribution of a special dividend is based on Credicorp’s financial strength and the significant solvency position it has built in recent years, and in virtue of the provisions set forth in the Company's By-Laws.
The dividend shall be applied on Credicorp’s Retained Earnings and, to a lesser extent, to freely available Optional Reserves and shall be paid with cash in hand.
Credicorp states that at the present time it has the necessary and sufficient funds to pay the special dividend considering the criterion established by Section 54 of the 1981 Companies Act of Bermuda and that its decision to declare and pay such special dividend shall not affect the company capital position, placing it at all times over regulatory limits and within its Risk Appetite levels.
Credicorp shall continue to invest in its recurring business to ensure the company long-term profitability, thus confirming its objective of optimizing the capital structure and, consequently, increasing capital returns for its shareholders.
Credicorp Ltd. (BAP) is the leading financial services holding company in Peru with presence in Chile, Colombia and Bolivia. Credicorp has a diversified business portfolio organized into four lines of business: Universal Banking, through Banco de Credito del Peru - BCP and Banco de Credito de Bolivia; Microfinance, through Mibanco and Encumbra; Insurance & Pension Funds, through Grupo Pacifico and Prima AFP; and Investment Banking & Wealth Management, through Credicorp Capital, Wealth Management at BCP and Atlantic Security Bank.
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