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Credicorp to venture into insurance, investment fund segments in Bolivia

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Credicorp to venture into insurance, investment fund segments in Bolivia

Credicorp Ltd. is looking to delve into the investment fund and insurance segments in Bolivia as the company faces challenges in its banking prospects in the country, SEMANAeconómica reported, citing the Chairman Dionisio Romero.

Growth in Bolivia's banking sector has been increasingly slow, said Romero, who added that the law governing the sector "is very limiting" and requires a certain percentage to be channeled to social housing or productive credit.

"Customers are not found and, basically, we have to snatch them from [other] banks," Romero said.

The financial conglomerate already operates in Bolivia through its subsidiaries which include Banco de Crédito de Bolivia SA and Crediseguro SA Seguros Personales.