Scotia Takes Stake in Peruvian Pension Fund

Scotiabank has signed an agreement to acquire a 47.5% stake in the private Peruvian pension fund Profuturo for $33m, the Canadian bank says. Scotiabank will be working in partnership with a group of Profuturo’s existing local shareholders to manage the company, it adds. Founded in 1993, Profuturo is the fourth largest private pension fund in Peru, with 23% of the market’s pension fund customers and a 17% market share of the system’s revenues, Scotia states.