August 9, 2019 / 3:05 PM / 11 days ago

Colombia's Colpatria, Canada's Scotiabank to sell pension fund to Chile's Habitat

BOGOTA (Reuters) - Canada’s Bank of Nova Scotia (BNS.TO) and Colombian investment firm Colpatria are selling their jointly-held pension fund administrator, Colfondos, to Chilean private pension fund manager AFP Habitat (HAB.LM), Scotiabank said in a statement on Friday.

Scotiabank, which owned 51% of Colfondos - the third-largest pension fund manager in Colombia - said the sale would allow it to focus on its banking operations in the South American country. It did not disclose the value of the deal.

Colpatria owned the remaining 49%.

AFP Habitat manages $60 billion worth of private pension funds, mainly in Chile and Peru. It is controlled by Inversiones La Construccion S.A. (ILC.SN) and Prudential Financial Inc (PRU.N), which each own 40.3% stakes.

Reporting by Nelson Bocanegra; Writing by Luc Cohen; Editing by Marguerita Choy

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