M&A: BBVA continues pensions exit

M&A: BBVA continues pensions exit


BBVA continues to dispose its LatAm pension businesses, with the $2 billion sale of its Chilean AFP Provida unit in February. That followed the $530 million sale of Horizonte in Colombia in January. The Spanish bank has sold three LatAm pension funds, with only its Peru operation remaining. In Chile, MetLife paid a smaller proportion of assets and earnings for Provida than other recent pension sales. The US insurer paid $1.52 billion for 64.3% of Provida, and will tender publicly for the remainder. The deal offered around 4.4% of assets under management (AUM) or 11 times annual earnings. That compares with the 4.7% of AUM and 13 times earnings that Prudential Financial paid for AFP Cuprum

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