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The fund management arm of Chilean bank Penta may consider ways to increase its presence in Colombia after striking a deal with local financial group Helm's stock brokerage unit two weeks ago, Penta AGF CEO José Daniel Hassi told BNamericas.
"The joint venture allows Helm customers to access Penta's experience in managing Chilean stocks. Today we have three funds that invest in this kind of assets, and we decided to start with Penta Evolución since it's the largest of the three and has consistently beaten the [Santiago stock exchange selective index] IPSA over the last three years," Hassi said.
The agreement with Helm will allow the two partners to take advantage of MILA, the integration of the main stock exchanges in Chile, Colombia and Peru, which was launched May 30, Hassi said.
Penta is constantly looking for opportunities in Latin America's financial market, he added.
Banco Penta is part of Empresas Penta, one of Chile's largest financial holding companies, which also operates in the insurance and private pension fund businesses. Empresas Penta services around 1mn customers and has some US$36bn in assets under management.
Helm Comisionista de Bolsa caters to some 9,000 customers and ranks among the 20 largest brokerages in Colombia. Helm Group's main asset is Colombia's ninth largest lender, Helm Bank.