Sura, Scotia Split BBVA Peru Pension

BBVA has agreed to sell its BBVA Horizonte Peru pension fund for $544m, it says, to Grupo Sura and Sctotia’s Profuturo. The pair of buyers will each take 50% of the last of the four pensions the Spanish bank had been looking to sell. The value includes a $516m price and a $28m dividend. Horizonte manages about $9bn of deposits in Peru. BBVA has exited from its Chilean, Mexican and Colombian pensions since October, as part of a planned divesture. Colombia’s Sura, for its part, has expanded, through the purchase of ING’s LatAm pension assets in 2011. Goldman Sachs has been advising BBVA in the sale of its pensions in the region. Scotia did not use and outside advisor, and a Sura spokesman was unable to comment.