Intergroup Financial Services Corp., IFS, established in Panama, was founded in 2006 as part of the Interbank Groupīs corporate restructuring process. The corporate reorganization has served to simplify the groupīs structure by joining the companies that operate in the financial services industry in Peru, Interbank and Interseguro, under IFS. Interbank is a full service bank providing general banking products and services to retail and commercial customers. Interseguro is a leading insurance company, providing annuities, individual life insurance, disability insurance and survivor benefits and mandatory traffic accident insurance.
In June 2007 IFS successfully launched itīs initial public offering, 8 times oversubscribed, it allowed IFS to raise $310 million in capital as a result of the sale of 24% of its stake. The share offering abroad was the first offering in ten years from a non-mining Peruvian company and generated the participation of over 100 international investors, including the largest funds worldwide. The transaction valued IFS with a $1,300 million market cap.
In September 2008 IFS launched a shares exchange offer with the goal of creating greater value for Interbankīs minority shareholders by offering them the possibility of participating of the benefits of the investment in Interseguro as well as any other investments IFS may undertake within the Peruvian financial industry. The Exchange ratio was 9.45 Interbank shares for 1 IFS share. The deal was a success with 13,565,775 Interbank shares traded in for shares of IFS. With this operation, Interbankīs float decreased from 3.12% to 0.71% and the participation of IFS in Interbank increased from 96.88% to 99.29%.
IFS shares are traded on the lima Stock Exchange under the IFS ticker. Itīs Bloomberg ticker is IFS PE.
Intergroup, a unified financial group with a coordinated strategy, is well positioned to take advantage of growth opportunities in the Peruvian financial services sector. The following aspects are key to our growth strategy:
> Providing convenient banking and insurance services through our extensive distribution network.
> Delivering continuous product innovation to our clients.
> Identifying synergies arising from cross-selling efforts for financial products and services.
> Maintaining a high quality service.
Intergroupīs most important strengths are the following:
> Leading position in the fastest growing banking and insurance segments.
> Convenient and extensive retail distribution network.
> Stable and diversified retail deposit base.
> High quality retail loan portfolio.
> Demonstrated ability to deliver profitable growth.
> Experienced management team and motivated workforce.
> Sound risk management policies.
Español
