AFP Porvenir

It was bound to happen, it seems. BBVA said earlier this week that it is to sell its Colombian pension fund management business, AFP Horizonte, for about $530m.

The buyer will be no other than the local AFP Porvenir, the retirement business leg of Colombia’s powerful banking group, Grupo Aval. This continues with the trend started last year by one of Grupo Aval’s main competitors, Colombia’s Grupo Sura, which paid $3.6n for the regional assets of Dutch bancassurer ING Groep. Read more