Colombian financial group Inversiones Suramericana announced that it will spend more than $3.75 billion to buy South American assets from Dutch financial bank ING Sunday.
Suramericana will buy pension securities and other assets in Chile, Peru, Mexico, Colombia and Uruguay. Suramericana will pay ING almost double the stated price of the securities and 16 times as much as the securities’ earnings in 2011.
The deal will grant Suramericana 10 million more clients with assets worth $70 billion.
With the deal, the Colombian group will become one of the largest financial firms in South America, managing 25 million customers in eight countries with assets worth $120 billion.