Peru’s Grupo Coril acquires majority stake in Alfin Banco

As part of the acquisition, Grupo Coril has already made several cash contributions as part of the bank's equity strengthening plan and, with such contributions, Grupo Coril acquires the majority of shares of the bank's capital stock.

The transaction has been approved by Peru’s banking and insurance watchdog (SBS). 

The transaction implied structuring, negotiating and executing a series of capital instruments and other legal documents that will allow implementing the equity strengthening plan to make Grupo Coril’s investment viable.

The acquisition is part of the bank's equity strengthening plan that will be completed in the coming months for up to 150 million sols (approximately $38 million).

Grupo Coril has more than 30 years of experience in the financial sector and the stock market with more than 11.92 billion sols ($2.99 billion) in assets under management and seeks, through this acquisition, to strengthen the consumer banking offered by Alfin Banco, in order for the latter to become “the bank of Peruvian entrepreneurs".

Grupo Coril as purchaser was advised by Martinot Abogados in all legal aspects of the transaction.

"This transaction was highly complex due to the series of negotiations and legal agreements that had to be reached in order to finalize Grupo Coril's investment,” Martinot Abogados said in a statement.

The transaction will likely be one of the largest in the Peruvian financial sector of 2022, the law firm said.

Martinot Abogados’ team was led by partner Fernando Martinot Oliart, with senior associates Gustavo López López and Joe Navarrete Pérez.

Grupo Coril’s in-house counsel that advised on the transaction was Cindy Periche Hidalgo.

Alfin Banco was advised by DLA Piper Perú, with a team led by partner  Sergio Barboza and senior associate Farah Torres.