Colombian financial group Sura and Bank of Nova Scotia said on Tuesday 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-percent stake in Horizonte, officials said as BBVA exited the pension business in Peru. Horizonte has about $9 billion in assets under management.Horizonte has a 23.5 percent share of all deposits in Peru's private pension fund system. It operates as an arm of BBVA Continental, one of Peru's top banks owned by Peru's Grupo Brescia and Spain's BBVA.Canada's 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.
The Bank of Nova Scotia (the Bank) is a diversified financial institution. Shares of BNS fell by 0.13% or $-0.07/share to $55.20. In the past year, the shares have traded as low as $48.45 and as high as $60.23. On average, 421594 shares of BNS exchange hands on a given day and today's volume is recorded at 566765.
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