Sura and Bank of Nova Scotia partner to purchase BBVA Horizonte

By Marc Castro

Apr 24, 2013 08:21 AM EDT

The financial conglomerate Sura of Colombia together with the Bank of Nova Scotia had announced the purchase of BBVA Horizonte, the Peruvian pension fund. The total price for the purchase was at US$516 million.

Sura and Bank of Nova Scotia paid US$258 million each for equal shares in the Horizonte purchase. Currently, Horizonte retains around US$9 billion in assets under its management.

Furthermore, Horizonte has a 23.5% stake on all deposit's in the Peruvian private pension fund. It operated as a subsidiary of BBVA Continental, which one of the largest banks in Peru and is currently owned by Grupo Brescia of Peru and BBVA of Spain.

With the sale, BBVA of Spain would net around US$271 million from the purchase made by the partnership.

The Bank of Nova Scotia, known locally in Peru as Scotiabank undertook the purchase through its local pension fund subsidiary Profuturo while Sura made the purchase through its Integra unit pension fund.

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