Empresas Juan Yarur approves BCI restructuring into BCI Group

Empresas Juan Yarur SpA, the controlling shareholder of BCI with approximately 55.36% ownership, has approved a corporate restructuring to transfer its BCI shares to a new holding company named ‘BCI Group’.

The reorganization aims to provide greater flexibility for the group's growth strategy by separating operations into two independent entities under the BCI Group parent company: one focusing on Latin American operations and another concentrating City National Bank of Florida in the United States.

This restructuring follows several regulatory milestones, including approvals from the Superintendencia de Banca, Seguros y AFP in Peru, the Commission for the Financial Market (CMF) in Chile, and the United States Federal Reserve to operate as a Bank Holding Company. The process will involve inviting BCI shareholders to join BCI Group through a share exchange.