Credicorp Ltd. Form 6-K Summary
Business Context and Reporting Period
This Form 6-K filing by Credicorp Ltd., a Bermuda-based financial holding company, reports a material event for the month of August 2009. The filing was submitted to the U.S. Securities and Exchange Commission and the Peruvian National Superintendence of Companies and Securities (CONASEV) on August 27, 2009.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on a corporate governance matter rather than financial performance.
Material Changes
The primary material change reported is a leadership transition within the internal audit function of Banco de Crédito (BCP), a key subsidiary of Credicorp. Mr. José Espósito Li-Carrillo has been designated as the new Head of the Audit Division, replacing Mr. Jorge Bellido Llosa. Mr. Bellido is leaving the position to assume other responsibilities within the organization.
Outlook, Commentary, and Risks
Credicorp's Board of Directors ratified the appointment based on Mr. Espósito's academic background, professional experience at BCP and Pacífico Grupo Asegurador, and proven morals. The Board confirmed that BCP's Audit Division, under the new leadership, will continue to perform internal audit functions for Credicorp Ltd. and its subsidiaries. The appointment is scheduled to become effective on January 1, 2010. No specific financial risks or contingencies were disclosed in this filing.
Key Facts for Investor Verification
- Effective Date: The new Head of Audit Division will assume the role on January 1, 2010.
- Succession: Mr. José Espósito Li-Carrillo replaces Mr. Jorge Bellido Llosa.
- Scope: The internal audit function for the entire Credicorp group remains centralized within BCP's Audit Division.
- Approval: The appointment was ratified by Credicorp's Board of Directors following a recommendation from the Audit Committee.