Colombia's Sura, Scotiabank buy BBVA Peru fund for $516 million
By Omar Mariluz and Nelson Bocanegra
LIMA/BOGOTA (Reuters) - Colombian financial group Sura SIS.CN and Bank of Nova Scotia (BNS.TO: Quote) said on Tuesday they bought the Peruvian pension fund BBVA Horizonte for a total of $516 million.
Each company paid around $258 million for a 50-percent stake in Horizonte, the companies said. Horizonte has about $9 billion in assets under management.
Horizonte has a 23.5 percent share of all deposits in Peru's private pension fund system. It operates as an arm of BBVA Continental, one of Peru's top banks owned by Peru's Grupo Brescia and Spain's BBVA (BBVA.MC: Quote).
BBVA in Spain said it will have a net gain of $271 million from the sale.
Canada's Bank of Nova Scotia, known as Scotiabank in Peru, made the purchase through its local pension fund Profuturo, while Sura bought its stake via its Integra pension fund unit.
The purchases were made on Lima's stock exchange. Shares of Horizonte HOR.LM lost 0.15 percent to 20.69 soles. Traders said all of the fund's 64.6 million shares were offered.
"The total price amounts to $516 million and is absolutely 50 percent each" of Horizonte, Sura Asset Management Chief Executive Andres Castro told reporters in Lima.
Integra and Profuturo both plan to absorb half of Horizonte's accounts over the next six months. Continued...