10:24 AM EDT, 11/01/2024 (MT Newswires) -- Credicorp ( BAP ) said Friday it has signed a deal to buy Empresas Banmedica's 50% stake in a joint venture with Credicorp's ( BAP ) Pacifico Compania de Seguros y Reaseguros unit.

Financial details weren't disclosed.

Under the terms, Banmedica will sell its 50% ownership in the private medical insurance business to Pacifico Seguros, Credicorp ( BAP ) said. Banmedica will also transfer 50% of its stake in Pacifico SA Entidad Prestadora de Salud, which oversees the corporate health insurance for employees and medical services businesses in Peru, to Credicorp's ( BAP ) Grupo Credito unit, according to Credicorp ( BAP ).

At closing of the transaction, the JV formed by Pacifico Seguros and Banmedica in 2014 will be terminated and Credicorp ( BAP ) will become the sole owner of the private medical insurance business and Pacifico Entidad, Credicorp ( BAP ) said.

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