Santander to sell Argentinian pension fund business to ING

15th November 2007, Comments 0 comments

15 November 2007, Madrid - Dutch bank ING said yesterday it had agreed to acquire leading Spanish lender Santander and Grupo Bapro's jointly owned Argentine pension fund Origenes AFJP and their annuity company Origenes Seguros de Retiro.

15 November 2007

Madrid - Dutch bank ING said yesterday it had agreed to acquire leading Spanish lender Santander and Grupo Bapro's jointly owned Argentine pension fund Origenes AFJP and their annuity company Origenes Seguros de Retiro.

ING will acquire 59.2 percent of the pension and annuity business from Santander and the remaining 40.8 percent from Grupo Bapro for  - 192 million. Separately, Santander said its share of the deal amounted to €114 million, generating a capital gain of €86 million.

ING said that the deal would make it the largest pension fund manager and second-largest annuity provider in Argentina. The businesses in Argentina had more than 2.4 million customers and 1,761 employees at the end of June. They also had €4.5 billion of assets under management and net profits of €25 million.

ING agreed in July to buy Santander's Latin American pension businesses, excluding Argentina. These included pension fund management companies located in Mexico, Chile, Colombia and Uruguay.

[Copyright EL PAÍS, SL. 2007]

Subject: Spanish news

 

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