Credicorp Ltd Faces Regulatory Retaliation Over Unauthorized Client Transactions

Credicorp Ltd., a major Peruvian financial services group listed on the New York Stock Exchange with a market capitalization of approximately $22.7 billion, has been placed under scrutiny by the Peruvian competition and consumer protection authority, Indecopi. The regulator imposed a collective administrative fine totaling S/184,949 (≈ 34.57 UIT) on the bank and its subsidiary, Credicorp Capital Sociedad Administradora de Fondos (Credicorp SAF), for a series of procedural lapses that compromised consumer security.

The Core Breaches

  1. Unauthorized Account Creation and Debit‑Card Issuance – The Bank of Credit of Peru (BCP), a unit within Credicorp’s corporate structure, opened a savings account and issued a debit card to a customer who neither requested nor authorized the transaction. This action directly contravenes Peru’s regulations that forbid any modification of service terms without explicit client consent.
  2. Repeated Unlawful Fund Withdrawals – Credicorp SAF permitted five unauthorized withdrawals from the affected client’s mutual‑fund account, amounting to S/60,000. The company failed to deploy adequate security measures that should have prevented such breaches.

Indecopi’s investigation confirmed that these acts resulted in systematic, non‑authorized depletion of the client’s investment, undermining trust in the financial system and exposing the group to significant regulatory risk.

Regulatory Response

  • Fine Imposition – Indecopi levied a S/11.60 UIT fine on BCP for the account‑opening irregularity.
  • Collective Penalty – The combined sanction against BCP and Credicorp SAF amounted to S/184,949 (≈ 34.57 UIT), reflecting the severity of the violations.
  • Mandated Remediation – BCP was ordered to delete the illicit account and cancel the associated debit card. Credicorp SAF was instructed to halt further unauthorized withdrawals and implement stricter safeguards.

These administrative actions serve as a stark reminder that even large, well‑capitalized institutions cannot overlook compliance obligations. Credicorp’s stock price, which closed at $289.08 on December 21, 2025, has been fluctuating within a 52‑week range of $165.51 to $292, a volatility that may be amplified by regulatory concerns and the potential reputational damage from these infractions.

Market Implications

With a price‑earnings ratio of 11.8, Credicorp Ltd. operates in a highly competitive banking sector in Peru. The fines, while modest relative to the group’s assets, signal a tightening regulatory environment that could translate into increased compliance costs and operational constraints. Investors may view the incident as an early warning: failure to safeguard customer data and enforce stringent internal controls risks not only punitive fines but also erosion of consumer confidence.

Conclusion

Credicorp’s recent regulatory censure underscores a broader industry truth: capital strength alone does not shield a financial institution from accountability. The fines imposed by Indecopi reflect both the tangible costs of non‑compliance and the intangible loss of public trust. Stakeholders must now reassess Credicorp’s risk posture, ensuring that the group’s operational frameworks align with the highest standards of consumer protection and regulatory adherence.