Credicorp Ltd. Acquires AFP Union Pension Fund

LIMA, Peru, July 24 /PRNewswire-FirstCall/ -- Credicorp announced today that it has reached a preliminary agreement with Santander Group to acquire AFP UNION, the third-largest Peruvian pension fund owned and managed by Santander, for a cash payment of US$ 142 million.

The transaction, which has yet to undergo a due-diligence process, is expected to be concluded by the end of August 2006, and will be carried out as an acquisition of AFP PRIMA, which is held by Grupo Credito, one of the subsidiaries of Credicorp.

The conclusion of this transaction is expected to have a favorable effect on Credicorp's results, since it will accelerate the process of consolidating the start-up operation at AFP PRIMA and is expected to lead to an immediate positive contribution to Credicorp's bottom line results. AFP UNION has a market share of 22.1% (see source and date below) in terms of funds under management, which, added to AFP PRIMA's 6.3% market share, will result in the second-largest pension fund administrator in Peru with an important 28.5% of the market's managed funds. This transaction also represents an efficient use of excess capital at the holding company.

For the full text of the report, please visit: http://www.credicorpnet.com/ .

IR CONTACTS In Peru Aida G. Kleffmann Investor Relations Officer Credicorp Ltd. Calle Centenario 156 La Molina, Lima - 12, PERU Phone: [phone] E-mail: [e-mail] Castillo / Antonella Monteverde Investor Relations Credicorp Ltd. Calle Centenario 156 La Molina, Lima - 12, PERU Phone: [phone] E-mail: [e-mail]In the U.S. Maria Barona / Peter Majeski i-advize Corporate Communications, Inc. 82 Wall Street Suite 805 New York, NY 10005 Phone: [phone] E-mail: [e-mail]