{"url_path":"/sec/bap/10-k/2026/item-7","section_key":"item-7","section_title":"Item 7 MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-04-27","source_url":"https://www.sec.gov/Archives/edgar/data/1001290/0001001290-26-000008-index.html","accession_number":"0001001290-26-000008","cik":"0001001290","ticker":"BAP","issuer_name":"CREDICORP LTD","edgar_url":"https://www.sec.gov/Archives/edgar/data/1001290/0001001290-26-000008-index.html","primary_entity_key":"0001001290","primary_entity_name":"CREDICORP LTD"},"word_count":1838,"has_tables":true,"body_markdown":"ITEM 7.MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS\n\n7.AMajor Shareholders\n\nAs of December 31, 2025, Credicorp had issued 94,382,317 common shares, of which 14,620,846 were held by ASHC. Under Bermuda law, ASHC has voting rights on the common shares it holds. Until 2003, ASHC held 10,158,204 common shares. In April 2004, common shares held by BCP and Grupo Pacífico were transferred to ASHC, totaling 14,620,846 common shares. The table below provides details about the percentage of Credicorp’s common shares owned by holders of 5% or more of our total common shares based on available information. There have been no significant changes in the percentage of ownership held by any major shareholders in the past three years.\n\nOwnerCommon SharesPercent of Class (1)\n\nAtlantic Security Holding Corporation14,620,84615.49%\n\nRomero family (2)\n11,596,74212.29%\n\n(1)As a percentage of all issued and outstanding shares (including shares held by ASHC).\n\n(2)It includes common shares directly or indirectly owned by Luis Romero Belismelis and his family or companies owned or controlled by them. Mr. Romero B. is the Chairman of the Board.\n\nVoting rights of major shareholders are not different from voting rights of other shareholders. Each share has right to one vote, including the shares owned by Atlantic Security Holding Corporation.\n\nApproximately 9.43% of Credicorp’s total issued and outstanding common shares are currently held in 3,492 individual accounts with Cavalli, a Peruvian security clearing company.\n\nAs of December 31, 2025, Credicorp had 79,366,588 floating common shares (excluding the 14,620,846 shares held by ASHC and 394,883 shares held by Credicorp’s subsidiaries that correspond to Credicorp’s long-term compensation program for its key employees). For more details regarding our treasury stock see Note 16 (b) to our consolidated financial statements. Approximately 90% of the 94,382,317 Credicorp’s issued common shares were held in the United States. There were approximately fifty registered holders of Credicorp’s common shares in the United States. Because many of these common shares were held by brokers or other nominees, and because of the impracticability of obtaining accurate residence information for all beneficial shareholders, the number of registered holders in the United States is not a representative figure of the beneficial holders or of the residence of beneficial holders. Credicorp is neither directly nor indirectly controlled by another corporation or by any foreign government.\n\n7.BRelated Party Transactions\n\nUnder Bermuda law, Credicorp is not subject to any restrictions on transactions with affiliates, other than such restrictions as are applicable to Bermuda companies generally. Credicorp’s Bye-laws provide that a Director may not vote with respect to any contract or proposed contract or arrangement in which that Director has an interest or a conflict of interest. Credicorp has not engaged in any transactions with related parties except through our subsidiaries.\n\nCredicorp’s consolidated financial statements as of December 31, 2023, 2024 and 2025 include transactions with related parties, including (i) related companies such as associates or others, (ii) its Board of Directors, (iii) its senior management, (iv) close members of the families of its Directors or members of its senior management and (v) enterprises that are controlled by these individuals or entities through majority shareholding or their role as chairman or principal executive officer in those companies.\n\nTransactions between the Credicorp companies and those related to Credicorp that exceed US$1 million must have the approval either of the Board of Directors involved or of the body to which this Board has delegated the responsibility. The Finance Areas of each company are responsible of identifying these operations and escalating them to the Board of Directors.\n\nTransactions between Credicorp companies and between Credicorp companies and their employees (without being limited to banking, financial, securities brokerage, investment, other financial services, payments of tariffs and regulatory contributions) that are made in the normal course of its operations, at market prices and values, or in substantially the same terms, including yields, interest rates and collateral, as compared to those prevailing at the same time with third parties, and\n\n223\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nthat do not imply a higher collectability risk and do not present any additional unfavorable terms for Credicorp company, are expressly exempted from this requirement. These transactions are considered pre-approved by Credicorp's Board of Directors and may be reported to the Sustainability Committee in order to ensure good practices and detect potential conflicts of interest. For the daily approval of these transactions, the current policies and regulations of each Credicorp company will be followed.\n\nThe following table shows Credicorp subsidiaries’ main transactions with related companies as of and for the years ended December 31, 2023, 2024 and 2025.\n\nYear ended December 31, (2)\n\n202320242025\n\nStatement of financial position(in thousands of soles)\n\nDirect loans2,063,739 2,472,179 1,855,712 \n\nInvestments (1)806,700 611,271 874,937 \n\nDeposits(713,503)(1,839,980)(659,231)\n\nDerivatives at fair value516,292 280,624 354,610 \n\nStatement of income -\n\nInterest income related to loans – income31,892 55,485 7,715 \n\nInterest expense related to deposits – expense(30,914)(37,308)(5,122)\n\nNon-interest income9,452 22,735 19,644 \n\nContingent risks and commitments\n\nIndirect loans584,463 746,992 518,493 \n\n(1)As of December 31, 2025, the balance includes mainly S/206.3 million of corporate bonds of Alicorp S.A.A., S/151.7 million of corporate bonds issued by Pluz Energía Perú S.A.A., S/150.8 million of corporate bonds issued by Corporacion Primax and S/95.3 million of corporate bonds of Cementos Pacasmayo S.A.\n\nAs of December 31, 2024, the balance includes mainly S/155.7 million of corporate bonds of Alicorp S.A.A., S/93.9 million of corporate bonds issued by Cementos Pacasmayo S.A., and S/104.2 million of shares of Inversiones Centenario.\n\n(2)Excludes transactions with subsidiaries.\n\nCredicorp subsidiaries entered into these transactions with related parties in the ordinary course of business and in accordance with normal market terms, including interest rate and collateral, which were available to other customers for comparable transactions at that time, and they did not involve more than the normal risk of collectability or present other unfavorable features. Outstanding loan balances at year-end were guaranteed by the related party. The Peruvian financial system law prohibits us from giving more favorable conditions to related parties. On December 31, 2025, direct loans had guarantees and collateral provided by the related party, mature between January 2026 and July 2032, and accrue an average annual interest in soles of 10.08 percent and an average annual interest rate in foreign currency of 8.23 percent (as of December 31, 2024, they mature between January 2025 and December 2030, and accrued an average annual interest in soles of 10.78 percent and an average annual interest rate in foreign currency of 9.56 percent). Also, as of December 31, 2025, the Group maintains S/87.4 million of allowances for loan losses to related parties (as of December 31, 2024 it maintains S/58.1 million). The amount of this provision is adjusted on a continuous basis and based on the financial position of each related party and the market in which it operates.\n\nAs of December 31, 2025, the related company that had the largest debt balance of direct loans with Credicorp was in the cement sector with a total balance of S/422.9 million. This balance included short-term financing. Interest rates of the operations ranged from 4.53% to 60.10% in soles. As of December 31, 2024, the related company that had the largest debt balance of direct loans with Credicorp was in the cement sector with a total balance of S/540.8 million. This balance included short-term financing. Interest rates of the operations ranged from 5.82% to 26.68% in soles. As of December 31, 2023, the related company that had the largest debt balance of direct loans with Credicorp was in the cement sector with a total balance of S/428.9 million. This balance included short-term financing. Interest rates of the operations ranged from 5.82% to 9.44% in soles.\n\n224\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nAs of December 31, 2023, 2024 and 2025, Credicorp’s Directors, officers and employees had been involved, directly and indirectly, in credit transactions with certain subsidiaries of the Group, as permitted by Peruvian Banking and Insurance Law No. 26702, which regulates and limits certain transactions with employees, Directors and officers of a bank and insurance company. On December 31, 2023, 2024 and 2025, direct loans to employees, Directors, senior management, and their family members amounted to S/1.4 billion, S/1.4 billion and S/1.5 billion, respectively. These loans have been granted in the ordinary course of business and on market terms as allowed by regulations promulgated under Section 402 of the Sarbanes-Oxley Act. Therefore, no privileged conditions have been granted on any type of loans to Directors and executive officers. These loans are paid monthly and earn interest at rates that are similar to market rates for comparable loans.\n\nIn 2025, Credicorp and subsidiaries made payments totaling approximately US$17 million to the following related suppliers: Grupo Romero and subsidiaries, Grupo Centenario and subsidiaries, Pluz Energía Peru SAA, Edenred Peru SA, Entel SA and CIA Latinoamericana de Radiodifusion SA. This information is being disclosed in accordance with our Corporate Policy on Related Parties, which came into effect in December 2019.\n\nSubsidiaries Transactions\n\nThe following table shows Credicorp’s main transactions with subsidiaries companies as of and for the years ended December 31, 2023, 2024 and 2025 which does not consider related party transactions.\n\nAs of December 31,\n\n202320242025\n\nStatement of financial position(in thousands of soles)\n\nDirect loans / receivables (1)1,132,893 932,949 721,269 \n\nInvestments199,503 883,659 65,985 \n\nFunds / Deposits (2)(1,824,745)(2,455,731)(1,123,074)\n\nDerivatives at fair value receivable / payable (*)8,841 3,628 3,848 \n\nStatement of income -\n\nInterest income related to loans – income (**)126,457 88,592 58,834 \n\nInterest expense related to deposits – expense (**)(42,032)(60,313)(40,606)\n\nNon-interest income (**)119,813 112,198 175,451 \n\nOff-balance sheet\n\nIndirect loans450,799 1,209,529 1,218,773 \n\n(1)The loans granted by these companies are recognized as receivable by the group companies that received the placement. These transactions are eliminated from the Statement of Financial Position.\n\n(2)Funds available from various group companies are received by these subsidiaries as deposits. These operations are eliminated in the Statement of Financial Position.\n\n(*)    Accounts receivable for derivatives held by group companies will be accounts payable for the subsidiaries with which the derivative is agreed and vice versa. These transactions are eliminated from the Statement of Financial Position.\n\n(**)    Income recognized by group companies will be an expense for the subsidiaries with which the transaction was agreed. These transactions are eliminated from the statement of income.\n\n225\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nThe main direct loans and receivables between subsidiaries of the group are:\n\nGrant the LoanReceive the LoanAt December 2025 (in thousands of Soles)\n\nSol-denominated:\n\nBCP Stand-aloneMibanco - Banco de la Microempresa S.A.520,274 \n\nBCP Stand-aloneCía. Incubadora de Soluciones Móviles S.A.C. (Culqi)64,393 \n\nBCP Stand-aloneAtlantic Security Holding Corporation56,700 \n\nBCP Stand-aloneSolución Empresa Administradora Hipotecaria S.A.18,400 \n\nBCP Stand-aloneClinica San Felipe S.A.4,610 \n\nBCP Stand-aloneSistemas de Administración Hospitalaria S.A.C.3,820 \n\nOthers8,479 \n\nTotal Sol-denominated676,676 \n\nForeign currency-denominated:\n\nBCP Stand-aloneCredicorp Capital SAB20,460 \n\nASB Bank CorpCredicorp Capital Chile S.A.11,776 \n\nBCP Stand-aloneSolución Empresa Administradora Hipotecaria S.A.11,098 \n\nBCP Stand-aloneCredicorp Capital SAFI842 \n\nOthers417 \n\nTotal foreign currency-denominated44,593 \n\nTotal721,269 \n\nMain loans granted between group companies in soles amount to S/670.6 million with an average rate of 6.9% and with maturity between January 2026 and December 2028; in US Dollars amount to S/44.3 million with an average rate of 5.3% and with maturity between January 2026 and July 2026.\n\n7.CInterests of Experts and Counsel\n\nNot applicable."}