Bringing you live news and features since 2013
Bringing you news, views and analysis since 2013
William E Ford, CEO, General Atlantic

9208

GRUPO SURA completes the acquisition of ING assets in Colombia, Mexico, Chile, Peru and Uruguay

RELATED TOPICS​

GRUPO SURA has become the largest pension fund player in Latin America with one of the most important insurance and investment operations within the region. The regulatory authorities in Colombia, Mexico, Chile, Peru and Uruguay have all formally issued the authorisations required for Grupo de Inversiones Suramericana – GRUPO SURA – to proceed to close the acquisition of the ING Group´s assets in Latin America, as initially announced on July 25 of this year. Such closing took place today.

GRUPO SURA also announced that General Atlantic, a global investor in growth companies, will be part of this deal with an investment of USD 300 million, joining Grupo Bolívar, IFC and Bancolombia. In addition to capital, for USD1,050 million, these top-tier co-investors bring broad knowledge and experience to team up with GRUPO SURA achieving its growth objectives.
 
“We are delighted to be adding these businesses to GRUPO SURA so that we can begin to share the experience and know-how that each of these companies has amassed over the years in each of their respective markets. This combination provides enormous benefits for our new affiliates. Our organizations share the same values and the same commitment to excellent customer service, and we warmly welcome our new affiliates into Grupo Sura,” says David Bojanini Garcia, CEO of GRUPO SURA. “With our new investors, GRUPO SURA and the combined businesses have sound and stable backing so that our clients can have the utmost confidence in us for their savings and investments.”
 
William E Ford (pictured), General Atlantic’s CEO,says: “As a market leader in financial services in the fast growing Andean countries – Chile, Colombia, and Peru- and with a strong position in Mexico and Uruguay, GRUPO SURA’s new acquisition is well positioned to add new investment management services and to accelerate its growth in the region. We are pleased to partner with GRUPO SURA, a leading Latin American financial services group with a record of successful acquisitions."
 
GRUPO SURA shall continue to uphold its core strategy of harnessing synergies among the companies that make up its investment portfolio, consolidating markets, and fostering sustainable business, in order to create added value for its clients and shareholders.
 
“The employees and clients of the companies that we have acquired in Latin America can rest assured that GRUPO SURA, as part of its long-term strategy, is committed to fostering the already excellent quality of the workforce that exists today as well as to provide our new affiliates with the best possible benefits,” says Bojanini. “With the current state of the global economy, the emerging markets are becoming a more attractive investment option. This alliance represents a long-term commitment to building a leading firm in Latin America.”
 
GRUPO SURA will now embark on a corporate identity transition period, which is expected to conclude in a few weeks in Chile, Mexico, Peru and Uruguay and in the middle part of 2012 for Colombia. The acquired companies will continue their normal course of business, ensuring that affiliates are provided with the best possible service. ING’s former clients shall continue to deal with the Company just as before and shall be attended by the same professional, experienced staff.
 
In November GRUPO SURA ratified the senior management executives of the companies in Mexico, Chile, Peru and Uruguay, based on the Company’s confidence in the human talent and excellent results of these companies, all of which made this acquisition so attractive. Nevertheless, this process has still to be ratified in Colombia, where we expect to obtain the required authorisation for an integrated operation with Protección. 

 

Latest News

According to the latest ESG data from PwC Luxembourg finds that investment flows towards EU..
Solactive and private equity data provider CEPRES have established a new partnership for to introduce..
New research published today by the CFA Institute Research and Policy Centre analyses the many..

Related Articles

Pension funds
UK defined benefit (DB) pension plan sponsors could have access to GBP 1.2 trillion in surplus assets over the next decade, industry research reveals...
UK defined benefit (DB) pension plan sponsors could have access to GBP 1.2 trillion in surplus assets over the next..
Tim Crawmer, Payden & Rygel
Tim Crawmer and Frasat Shah of Payden & Rygel write that higher yields are attracting more demand from investors. Also, given that equities had a strong year last year, big funds have taken some chips off the table in equities and put them into fixed income...
Tim Crawmer and Frasat Shah of Payden & Rygel write that higher yields are attracting more demand from investors. Also,..
Lady justice
Top marks for the Pensions Regulator (TPR) whose efforts to improve resilience in the UK pension funds’ liability-driven investment (LDI) strategies received glowing commendations from the Bank of England in its March report...
Top marks for the Pensions Regulator (TPR) whose efforts to improve resilience in the UK pension funds’ liability-driven investment (LDI)..
Pension funds
Four potential operators of pensions dashboards (Just Group, Legal & General, Moneyhub and Standard Life, part of Phoenix Group) are coming together to instigate a new industry coalition...
Four potential operators of pensions dashboards (Just Group, Legal & General, Moneyhub and Standard Life, part of Phoenix Group) are..
Subscribe to the Institutional Asset Manager newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by