Davis Polk advised Banco de Crédito del Perú (BCP), acting through its Panamanian branch, on a Rule 144A and Regulation S offering of US$350 million aggregate principal amount of 6.875% fixed-to-floating-rate subordinated notes due 2026.

BCP is the largest commercial bank in Peru, based on total assets, loans, deposits, shareholders’ equity and branch network.

The Davis Polk corporate team included partner Manuel Garciadiaz, associates Yasin Keshvargar, Bruce Rose-Innes, Alain Kuyumjian and former foreign temporary associate Federico Wilensky (admitted in Argentina only). Partner Michael Mollerus and associate Michael Bretholz provided tax advice. Associate Catherine L. Martin provided ’40 Act advice. Inés Velasco was the legal assistant on the transaction. Members of the Davis Polk team are based in the New York and São Paulo offices.