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Mexico's Scotiabank to sell pension biz to Profuturo

Mon Nov 9, 2009 5:37pm EST

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MEXICO CITY, Nov 9 (Reuters) - Mexican financial group Scotiabank Inverlat said on Monday it has agreed to sell its pension fund business to rival Profuturo GNP in a deal expected to close in January 2010.

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Scotiabank did not disclose financial terms of the transaction.

Mexico's pension fund market is comprised of 16 pension funds, including Profuturo GNP (GPROFUT.MX) and Scotiabank (BNS.TO), but there has been consolidation in recent months.

Banorte (GFNORTEO.MX), one of Mexico's top banks, purchased the pension fund from Ixe (IXEGFO.MX) earlier this month.

Once the deal is approved, Scotiabank's 87,381 accounts will pass to Profuturo GNP, currently the fourth-biggest fund by asset size and with 3.1 million clients. (Reporting by Cyntia Barrera Diaz)

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