Spain's BBVA completes sale of Chile's AFP Provida for $1.54 bln

MADRID Wed Oct 2, 2013 2:27am EDT

MADRID Oct 2 (Reuters) - Spain's second-biggest bank BBVA said on Wednesday it had finalised the sale of 64.3 percent of Chilean pension fund administrator AFP Provida S.A. to MetLife for $1.54 billion.

MetLife agreed to buy the largest pension fund administrator in Chile for around $2 billion in February to expand its presence in emerging markets.

BBVA received $1.3 billion as the sales price and around $230 million in dividends from AFP, generating net capital gains of around 500 million euros ($676.28 million).

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