Lima, Peru, July 18th, 2014 – Intercorp Financial Services Inc. (“IFS”) (Bolsa de Valores de Lima: IFS) today announced it has entered into an agreement with Intercorp Peru Ltd. (“Intercorp”) to make Inteligo Group Corp. (“Inteligo”) part of its financial services platform.
Inteligo is a leading provider of wealth management services, focusing on financial advisory, custody and other brokerage services through Inteligo Bank (incorporated in Bahamas) and Inteligo SAB (a Peruvian brokerage house), its wholly owned subsidiaries.
Inteligo is an increasingly well recognized brand which has benefited from wealth creation resulting from continued macroeconomic stability, GDP growth and income per capita growth in Peru. Inteligo Bank reported US$3.3 billion in assets under management, including client deposits, as of December31, 2013, and net income of US$40.2 million for the full year 2013.
This transaction entails the contribution of 100% of Intercorp’s shares in Inteligo to IFS in exchange for 19.5 million IFS shares. This transaction has been approved by IFS’ Board of Directors, reviewed by an independent committee of IFS’ Board and supported by a fairness opinion from PwC.
This new structure strengthens IFS’ position as a leading provider of diversified financial services in Peru. Inteligo will complement IFS with a high growth, highly profitable financial services business, that benefits from a stable source of fee income, in the fast growing market of wealth management.
IFS, through Interbank, Interseguro and Inteligo, reiterates its commitment to provide high quality financial services to our customers and to contribute to Peru’s sustainable growth.