ING To Buy Chile Bansander AFP

ING is in talks to buy Banco Santander’s Chilean pension fund management unit, AFP Bansander, for around $500m according to local media in Chile. ING already owns AFP Santa María, one of the country’s largest pension funds and the acquisition of Banco Santander’s unit – the fourth largest in terms of AUM in the local market – means that the deal will come under close scrutiny from the country’s anti-trust regulator. Santander is also negotiating the sale of its other Latin American pension units in Argentina, Mexico and Colombia.