Colombia’s Sura Buys Stake in BBVA’s Peruvian Pension-Fund Unit

Grupo de Inversiones Suramericana SA, the Colombian pension-fund manager trying to double assets by 2017, bought a 50 percent stake in Banco Bilbao Vizcaya Argentaria SA (BBVA)’s pension unit in Peru.

Sura said in a regulatory filing that it made the purchase through its Peruvian pension unit, AFP Integra. Profuturo AFP SA, Bank of Nova Scotia (BNS)’s pension unit in the country, bought the other 50 percent, according to a separate statement from Bilbao, Spain-based BBVA. The total purchase price paid by the two companies was $514 million, Sura said.

Chief Executive Officer David Bojanini is targeting 15 percent annual growth at Medellin-based Sura, with assets set to double through 2017. Peru is “very attractive for investment” because of its economic growth rate compared with other Latin American countries, Bojanini said in an interview in November.

Peru will grow 6.3 percent this year, the fastest in Latin America after Paraguay and Panama, according to the International Monetary Fund.

To contact the reporters on this story: Christine Jenkins in Bogota at cjenkins28@bloomberg.net; John Quigley in Lima at jquigley8@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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