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Credicorp, Banco de Crédito del Perú get new CEOs in operational restructuring

Credicorp Ltd. and banking unit Banco de Crédito del Perú are getting new chief executives as part of a broader management restructuring across the financial group.

Under the reshuffle, which will take effect at the start of April 2018, Walter Bayly Llona, the current COO of Credicorp and CEO of Banco de Crédito del Perú, will become CEO of the parent company. Credicorp Chairman and CEO Dionisio Romero Paoletti will stay on at the company as executive chairman.

Bayly, meanwhile, will step down from his post as CEO of Banco de Crédito del Perú and will be replaced by Gianfranco Ferrari de las Casas.

Ferrari, who has long been seen as a potential successor for the CEO post, was tapped to lead the bank's general management division in late September, after having previously served as head of digital strategy and retail banking. He will also be a deputy CEO for Credicorp.

The management changes are part of a broader restructuring at the Credicorp group that will see it organize its operations into four lines of business: universal banking, insurance and pensions, microfinance, and investment banking and wealth management.

Ferrari will lead Credicorp's universal banking business, which includes Banco de Crédito del Perú and Banco de Crédito de Bolivia SA.

Alvaro Correa, meanwhile, will lead the group's insurance and pensions business, which consists of Pacifico Grupo Asegurador and Prima AFP SA. Correa will continue in his current position as CEO of Grupo Pacifico, while Renzo Ricci will remain CEO of Prima AFP, reporting to Correa.

Credicorp's microfinance business line will be headed by Mibanco Banco de la Microempresa SA CEO Javier Ichazo, while the investment banking and wealth management business will be led by Christian Laub, the current CEO of Credicorp Capital Ltd.; the latter division includes Atlantic Security Bank and the wealth management operations of Banco de Crédito del Perú, in addition to Credicorp Capital.

Credicorp also noted that it appointed Guillermo Morales as its head of legal, Bernardo Sambra as chief human resources officer, Ursula Alvarez as head of talent management, Marco Roca as head of strategy and business development, and Enrique Pasquel as head of corporate affairs.