Company profile

Proposed ticker
IFS
Exchange
CEO
Luis Felipe Castellanos Lopez Torres
Employees
6,759
Location
Industry (SEC)
SEC CIK

IFS IPO information

19 July 2019
Expected IPO date
$44.00
$50.00
9M
$423M
$4.26M
1.35M
114.26M
Use of proceeds: We will not receive any of the net proceeds from the sale of our common shares by the selling shareholders. We expect that the net proceeds from the sale of our common shares by us and Interbank will be used by each of us and Interbank for general corporate purposes. In particular, Interbank expects to use the proceeds to strengthen its capital position and increase business activity, and IFS expects to use the proceeds to invest in strengthening its digital and analytical capabilities across its platform by developing a common data infrastructure and new digital products and services.
Competition: We face intense competition in all of our segments, which can affect our margins, growth and profitability. Peruvian Banking System Interbank is currently the fourth-largest bank in Peru, as measured by total assets, gross loans and deposits, as of March 31, 2019, and has faced strong competition, including increased pressure on margins, primarily as a result of the presence of commercial banks in the Peruvian market with substantial capital, technology and marketing resources, as well as from Peruvian pension funds that lend to Interbank’s current and potential commercial customers. This increased competition has affected the average interest rates that the Peruvian banking system has been able to charge its customers. Despite being the fourth-largest bank in Peru, Interbank is strongly positioned in the consumer sector, being the second largest bank in gross consumer loans and largest in consumer credit cards as of March 31, 2019, according to the SBS. Peruvian Insurance Industry The Peruvian insurance market, particularly the annuity and life insurance sectors, is also highly competitive. Interseguro’s principal competitors are large insurance companies that may have greater resources and offer a wider range of products. These insurance companies may have better access to independent brokers who sell insurance to customers. In addition, Interseguro may also face competition from private pension funds (AFPs), which could in the future be allowed to offer annuities. Moreover, under the private pension system, upon retirement, retirees have the option of choosing to remain with their pension fund, choose an annuity or, since 2016, withdraw 95.5% of their capital accumulated in cash, which potentially reduces demand for Interseguro’s annuities. Any adverse impact on Interseguro resulting from increased competition, as well as a reform of the private pension system, could have a material adverse effect on our financial condition and results of operations. Wealth Management Industry Inteligo Bank operates in the highly competitive and regulated wealth management industry, competing with independent advisors, global banks and Peruvian firms, such as its main competitor Credicorp Ltd. through its subsidiary Atlantic Security Bank (“ASB”). The Peruvian wealth management industry has also recently attracted several new participants, including representative offices of global banks such as JP Morgan, UBS, RBC, Credit Suisse, and Julius Baer among others.

Calendar

15 Jul 19
19 Jul 19

News

Company financial data

$490.8M
$106.31M
$17.49B

Financial reports

No filings

Current reports

No filings

Proxies

No filings

Other

No filings