November 9, 2012 / 12:51 AM / 5 years ago

Colombian finance giant wins approval for Peruvian purchase

LIMA, Nov 8 (Reuters) - Colombian finance giant GrupoSura said on Thursday that Peru’s banking regulator gave it the green light to buy up 63 percent of shares in a local insurance company, part of its strategy to aggressively expand across Latin America.

GrupoSura, which manages more than $12 billion in assets, has not disclosed the total value of the transaction, but estimates put it below 1.5 percent of its total assets.

GrupoSura is the investment arm of Colombia’s largest industrial conglomerate, Grupo GEA (GEA), and its new acquisition - InVita, owned by Peru’s Grupo Wiese - has some 1.3 million customers and managed assets worth $1.04 billion.

The purchase also includes the subsidiary InCasa, a firm that provides and manages mortgage loans in Peru.

GrupoSura bought $3.5 billion of the Dutch firm ING’s Latin America assets last year.

GrupoSura does business in El Salvador, the Dominican Republic, Panama, Chile, Mexico, Peru and Uruguay. (Reporting By Teresa Cespedes)

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