Colombia’s Grupo de Inversiones Suramericana SA, or Sura, plans to create a holding company for the Latin American pension unit it recently agreed to acquire from ING Groep NV and then list an equity stake in the company, local newswire Valor Futuro reported Monday.
In July, Sura agreed to pay $3.7 billion for ING Groep’s pension assets in Chile, Colombia, Mexico, Peru and Uruguay.
“Our mid-term plan is to create a holding company with ING [Groep’s] Latin American assets and combine it with our pension businesses in Colombia and El Salvador, and then list [the company] on the stock exchange,” David Bonajini, Sura’s president, was quoted as saying by Valor Futuro.
Sura is expected to complete the purchase of ING’s Latin American pension unit by the end of the year.
In Chile, ING Groep holds the third-largest private pension fund manager by assets, AFP Capital. AFP Capital managed $33.9 billion at the end of June, up 9.9% on the year.