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Correction to BBVA Sells Peruvian Pension Unit Story

04/23/2013 | 05:28pm US/Eastern
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"UPDATE: BBVA Sells Peruvian Pension Unit to Sura, AFP Profuturo," published at 1854 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 (>> Banco Bilbao Vizcaya Argentaria S.A.) 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 Groep N.V.) in Latin America.

Write to Darcy Crowe at darcy.crowe@dowjones.com.

Stocks mentioned in the article : Banco Bilbao Vizcaya Argentaria S.A., ING Groep N.V.
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