Credicorp to Acquire Helm Bank USA for $180M in US Push
Peru's largest financial group aims to capture growing cross-border banking needs of its Latin American clientele through the strategic acquisition.
Credicorp Ltd. (NYSE: BAP), Peru's largest financial services holding company, has announced a definitive agreement for its subsidiary, Banco de Crédito del Perú (BCP), to acquire 100% of Helm Bank USA for approximately $180 million.
The all-cash deal marks a significant strategic expansion for Credicorp, deepening its footprint in the United States to better serve the cross-border financial needs of its core clientele in Latin America. The acquisition is designed to bridge the banking gap for individuals and corporations operating between the U.S. and Latin American markets, a corridor with rapidly growing financial activity.
"This acquisition allows us to deepen our ability to serve Latin Americans whose financial lives span both their home countries and the United States," said Gianfranco Ferrari, CEO of Credicorp, in a statement. He emphasized that Helm Bank's expertise with international clients aligns perfectly with Credicorp's long-term strategy. According to the official announcement, the move will enhance capabilities within Credicorp's growing financial ecosystem.
Shares of Credicorp traded near their 52-week high following the news, reflecting investor optimism for the strategic move. The company, with a market capitalization of over $23 billion, has demonstrated strong financial performance, reporting a 14.2% year-over-year growth in quarterly earnings in its last report. The acquisition is expected to be accretive to its diversified revenue stream.
Helm Bank USA, a Florida-chartered bank based in Miami, has a long history of serving the international community. As of September 30, 2025, the bank reported total assets of $1.1 billion and a loan portfolio of $648.2 million, with shareholders' equity standing at $106.8 million, as detailed in regulatory filings. Its focus on wealth management and commercial banking for a predominantly international client base makes it a synergistic fit for BCP, Credicorp's commercial banking arm.
Mark Crisp, President and CEO of Helm Bank, framed the deal as a "natural evolution" for the institution. "We are confident that by partnering with Credicorp—a group renowned for its financial strength, trusted reputation, and client-centric philosophy—we will expand our impact," Crisp noted, highlighting the benefits for communities in both the U.S. and Latin America. Major financial news outlets also covered the agreement, underscoring the strategic rationale.
The transaction continues a trend of consolidation and strategic M&A in the banking sector, as larger institutions seek to build scale and offer more comprehensive services to an increasingly globalized customer base. For Credicorp, the deal complements its robust digital transformation strategy, which includes popular payment app Yape, by providing a physical and regulatory banking platform in the key U.S. market.
The deal is still subject to customary closing conditions, including regulatory approvals from financial authorities in both the United States, including the Office of the Comptroller of the Currency (OCC), and Peru. The transaction is expected to close in the second half of the upcoming year.