Credicorp, a Peruvian financial services firm, has closed the acquisition of Ultraserfinco S.A. Comisionista de Bolsa after securing regulatory clearance.

Ultraserfinco is a broker-dealer based in Colombia. The firm’s business line covers wealth management, asset management as well as securities brokerage.

It has clients in Barranquilla, Bogota, Bucaramanga, Cali, Cartagena and Medellin.

The firm adds more than $1.3bn in assets to Credicorp’s books.

Commenting on the takeover, Credicorp said: “With this acquisition, Credicorp Ltd. builds upon its existing Credicorp Capital business to become the undisputed leader in equities and fixed income trading in Colombia.”

As part of the transaction, Credicorp also acquired Ultraserfinco’s Miami-based subsidiary Ultralat.

“Through its subsidiary Ultralat in Miami, Florida, Ultraserfinco also provides clients with access to investment products and services in the international markets,” Credicorp stated.

The deal, valued at around $41m, was executed via Credicorp units Credicorp Holding Colombia and Credicorp Capital Fiduciaria.

It involved the purchase of 100% of the capital stock of Ultraserfinco.

Apart from Peru, Credicorp has operations in Chile, Colombia, and Bolivia. It offers a range of services including investment banking and wealth management, universal banking, microfinance, and insurance & pension funds.

Through Credicorp Capital, the firm offers investment banking as well as wealth management services.