"UPDATE: BBVA Sells Peruvian Pension Unit to Sura, AFP
Profuturo," published at 1839 GMT, incorrectly stated that Grupo
Sura and Bank of Nova Scotia were paying $514 million and $515
million respectively for BBVA's pension unit in Peru. The total
value of the transaction and for both Grupo Sura and Bank of Nova
Scotia is $516 million. The error also was reflected in a headline
that published at 1838 GMT. The correct version of the story
follows.
(Updates with details on AFP Profuturo's purchase of stake.)
By Darcy Crowe and Ryan Dube
BOGOTA, Colombia--BBVA (BBVA.MC) has sold its Peruvian pension
unit, with Colombia's Grupo de Inversiones Suramerica SA and AFP
Profuturo taking equal stakes.
Grupo de Inversiones Suramerica SA (GRUPOSURA.BO), known as
Grupo Sura, said it is buying a 50% stake while AFP Profuturo,
whose main shareholder is a unit of Bank of Nova Scotia (BNS,
BNS.T), also said Tuesday that it bought the remaining 50% stake in
AFP Horizonte. The total value of the transaction is for $516
million.
AFP Profuturo said that within six months it plans to transfer
50% of the pension funds held by AFP Horizonte to its portfolio. It
said the other 50% will be transferred to AFP Integra SA
(INTEGRC1.VL), which is Grupo Sura's unit.
Grupo Sura, a financial conglomerate that is also a shareholder
in Bancolombia, Colombia's largest bank, has been expanding
overseas in recent year.
The Medellin-based firm in 2011 paid 2.6 billion euros to
acquire the pension business of ING Groep NV (ING) in Latin
America.
Write to Darcy Crowe at darcy.crowe@dowjones.com.