the largest financial services entity in Peru.

The company successfully completed a share exchange among Banco de Credito del Peru (BCP), Atlantic Security Holding Corp. (Atlantic), and El Pacifico-Peruano Suiza Compania de Seguros y Reaseguros (PPS), Bloomberg business news service said.

Credicorp, which will act as a bridge to international capital markets, received tenders for shares outstanding of 90, 98 and 76 percent from the three firms respectively.

"The successful completion of the exchange offer is the first and most important step toward the creation of the largest unified financial service provider in Peru.

"We look forward now to integrating the operations of BCP, Atlantic and PPS and to realising synergies from the integration of these businesses,'' said Credicorp chairman and CEO Mr. Dionisio Romero.

Credicorp will provide personal banking, insurance, stock brokerage and asset management services.

BCP is the largest and oldest full service bank in Peru, Atlantic is a diversified financial services company while PPS is the largest insurance company in Peru.

PPS has a market share of 31 percent based on 1994 premiums written. Credicorp shares were scheduled to commence trading on the New York and Lima stock exchanges yesterday under the symbol "BAP''.

The company filed a registration statement with the Securities and Exchange Commission (SEC) relating to its $100 million public share offering which was announced earlier.

Subject to market conditions, Credicorp expects to price the public offering in the next few weeks.

Morgan Stanley & Co. Incorporated and J.P. Morgan Securities Inc. acted as the offering's co-dealer managers in the US as well as internationally, except for Peru.

Credibolsa SA acted as Peruvian exchange agent.