LIMA -(Dow Jones)- Bank of Nova Scotia's (NYSE:BNS) (BNS) Peruvian unit said that it has signed an accord to acquire a share in the private pension fund Profuturo.
"The Peruvian pension fund market is dynamic and full of opportunities," Carlos Gonzalez-Taboada, chairman of the Scotia Peru Holdings SA, said late Wednesday in a statement.
Sources had told Dow Jones Newswires earlier in the day that the purchase had taken place.
The bank didn't give more details.
AFP ProFuturo's main shareholder is Citibank's (NYSE:C) (C) Overseas Investment Corp.
Aside from ProFuturo, the the pension funds, known as AFPs, that operate in Peru are: AFP Horizonte, owned mainly by Holding Continental and Spain's Banco Bilbao Vizcaya Argentaria (NYSE:BBV) (BBV); AFP Integra, mainly owned by the ING Groep ( ING); and AFP Prima, which is controlled by Credicorp Ltd. (NYSE:BAP) (BAP).
Scotiabank has operated in Peru since 1997 but has significantly increased its interests in that country in recent years.
The private pension funds started to operate in mid-1993 and have become some of the largest investors in Peru.
-By Robert Kozak, Dow Jones Newswires; 511-99927-7269; peru@dowjones.com
(END) Dow Jones Newswires 06-19-08 1016 Copyright (c) 2008 Dow Jones & Company, Inc.
