Credicorp Ltd. : Credicorp's Declaration of Special Dividends
Lima, PERU, October 25, 2017 - Credicorp Ltd. announces to its shareholders and the market that the Board of Directors, in its session held on October 25, 2017, approved the distribution of an special cash dividend of S/1,481,802,376.90 for a total of 94,382,317 outstanding shares, which is equivalent to S/15.7000 per share, establishing as registration date on Tuesday November 14, 2017.
The cash dividend will be paid out on November 24, 2017, 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 22, 2017. 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 capital gains it has been making 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 freely available optional reserves and shall be paid with funds from the sale proceeds of non-strategic investments performed by the company in recent months and from liquidity surpluses currently retained by Credicorp.
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 requirements, placing them 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. (NYSE: BAP) is the leading financial holding company in Peru. It is composed of Banco de Crédito del Peru (BCP), Atlantic Security Holding Corporation (ASHC), Grupo Pacifico Seguros, Prima AFP, and Credicorp Capital, which are among Peru's top-rated brands. Credicorp 's primary businesses are banking (commercial & investment banking and retail banking, including SME and micro-lending); insurance (including property and casualty, life and health insurance); pension funds (private pension fund management services); and brokerage services (including trust, custody and securitization services, asset management and proprietary trading and investment).
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