Colombia’s Grupo de Inversiones Suramericana SA, or Sura, said Monday it has no intention of flipping ING Groep NV’s Mexican assets, which the Colombian group is in the process of acquiring as part of a broader deal.
“Our business strategy is focused on regional strength,” Sura Chief Executive David Bojanini said in a statement. “As such, we are certain that ING Mexico is fundamental to our conversion into a Latin American leader in pensions.”
Sura agreed in July to purchase ING’s Latin American pension portfolio for $3.7 billion.
The ING operations in Chile, Colombia, Mexico, Peru and Uruguay generated EUR192 million in net income last year on approximately EUR670 million in revenue, according to ING.
As of July, the businesses together served 10 million clients with assets under management of EUR49 billion.
In specific, Sura denied reports that it might sell the Mexican business to Mexican pension operator Profuturo GNP, saying that Sura intends to hold on to all the pension assets lumped into the ING deal as they each “fit perfectly” into Sura’s business strategy.
Sura said its deal with ING still requires regulatory approval in Chile, Colombia, Mexico, Peru and Uruguay.