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Colombia's Sura unable to bid for BBVA pensions

Wednesday, June 27, 2012

Due to its dominant market share in Latin America, Colombia's largest financial holding firm, Grupo de Inversiones Suramericana, Sura, can't bid for the Latin American pension-funds management operations of Spain's BBVA.

In May, BBVA, Spain's second-largest bank by market value, disclosed plans to sell its pension-fund management units in Mexico, Colombia, Chile and Peru as part of an effort to focus on its main banking businesses.

After the acquisition of ING Groep NV in 2011, Sura as a whole now manages $84 billion for 17 million clients in Latin America.

Source: Wall Street Journal