ING Looks to Double LatAm Pensions Business

ING has high hopes for the development of its LatAm pensions business following the Santander acquisition. “ING expects to double its pension fund AUM [assets under management] in the region between 2008 and 2011,” says the bank. ING says its combined LatAm pension business (excluding Argentina) with Santander’s had, in aggregate, €35.5bn of AUM at the end of 2006, says ING. The Dutch bank already claims a presence in Chile, Mexico and Peru. “This transaction will extend ING’s pension expertise to two new countries, namely Colombia and Uruguay, both of which are showing a steady GDP growth and an increasing demand for wealth management products,” says ING.