MetLife Negotiating with BBVA for Chile Pension

MetLife is in talks with BBVA to buy the AFP Provida pension business in Chile, it says. The timing of any deal is unclear. The US financial services company had been suspected as a buyer for the four LatAm pension businesses BBVA put on sale last year. Earlier this month BBVA sold the AFP Horizonte in Colombia to Grupo Aval for $530m, and last year sold its Mexican operation to Banorte for $1.73bn. Both the Chilean and Peruvian assets remain on the block. Goldman Sachs has been advising BBVA on the sale process.