Credicorp Pays $142 Million For Santander Fund

Peruvian pension fund Prima AFP, owned by the country’s largest financial institution Credicorp, is to buy AFP Unión Vida from Spanish bank Santander for $142 million. The acquisition will turn Prima – which was set up only last August – into the sector’s second largest manager, with assets under management of $3.2 billion, representing 28% of total assets in the market. The sale is subject to the approval of financial regulators.