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.
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