Banco de Crédito del Perú in Subordinated Debt Offering

November 7, 2006

Cleary Gottlieb represented Banco de Crédito del Perú (BCP) in a Rule 144A/Reg. S offering of $120 million of 6.95% notes, in the form of subordinated negotiable certificates of deposit, due 2021. Citigroup Global Markets Inc. acted as sole book-running manager of the offering, which closed on November 7.

BCP is the largest bank in Peru and has operations in Panama, Bolivia and the United States. It is the operating subsidiary through which Credicorp, Peru’s largest financial services company, conducts its Peruvian operations. The proceeds of the offering will be used to increase BCP’s regulatory capital.