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Bank of Nova Scotia and Grupo de Inversiones Suramericana SA Buy BBVA Peru Fund-Reuters


Tuesday, 23 Apr 2013 05:06pm EDT 

Reuters reported that Bank of Nova Scotia and Grupo de Inversiones Suramericana SA said they bought the Peruvian pension fund BBVA Horizonte for a total of $516 million, as competition heats up in the surging sector. Each firm paid around $258 million for a 50% stake in Horizonte, officials said as BBVA exited the pension business in Peru. Horizonte has about $9 billion in assets under management. Bank of Nova Scotia, known as Scotiabank in Peru, made the purchase through its local pension fund Profuturo. Sura bought its stake via its Integra pension fund unit. 

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