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Banorte Clinches BBVA Afore

Nov 28, 2012

Grupo Financiero Banorte has agreed to acquire BBVA’s Mexican pension operations, becoming the country’s largest pension manager in a deal valued at $1.6bn, the banks say. Banorte, long rumored to have been the top contender for the asset, has teamed up with Mexico’s IMSS Social Security Institute – a co-owner of the Afore XXI...

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At a fundamental level, the issue is how to generate healthy returns in the medium to long term. Policy holders can see their fund go down over the course of a week or a month, but what we really should be looking at is returns over 20 or 30 years.

Daniel Schydlowsky, Peru’s banking, insurance and private pension fund regulator


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