Colombia’s Grupo de Inversiones Suramericana, a large holding group with assets in banks and insurance companies, posted in the second quarter a 40% decline in net income from a year earlier, the company said in a statement.
GrupoSura, as the company is known, said net income for the second quarter fell to COP78.2 billion ($44.2 million).
GrupoSura announced earlier this week that it agreed to buy the Latin American pension unit of ING Groep NV for $3.7 billion, a move billed as the largest acquisition by a local firm on record.
The company plans to finance the acquisition through loans and a stock sale for as much as $1.4 billion in a local share placement and $700 million overseas.
GrupoSura’s shares climbed 1.47% Thursday to COP35,920.