Scotiabank, SURA Unit Pay $516M For Peru Pension Biz

Law360, Los Angeles (April 23, 2013, 5:47 PM EDT) -- Canadian multinational financial services provider Bank of Nova Scotia and a subsidiary of Colombian financial group Grupo SURA have jointly purchased Banco Bilbao Vizcaya Argentaria SA’s pension management business AFP Horizonte in Peru for $516 million, Scotiabank said Tuesday.

Scotiabank and SURA Asset Management will jointly manage the company through a transition period. Upon final regulatory approval, AFP Horizonte will be divided and Scotiabank will integrate its 50 percent share of the business with Profuturo AFP, its existing pension fund management business in Peru, according to...
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