Mexico's finance ministry SHCP, banking and securities regulator CNBV and pension regulator Consar have authorized Colombian holding GrupoSura's purchase of Dutch financial services group ING's (NYSE: ING) local operations, GrupoSura said in a press release.
This approval is the fourth in GrupoSura's purchase of ING's pension, life insurance and investment management units across five Latin American countries. Uruguay is the remaining country where the deal is pending regulatory approval.
The Colombian holding announced in July that it would purchase 14 ING units in Colombia, Mexico, Chile, Peru and Uruguay for 2.68bn euros (US$3.9bn). As of end-2010, the operations had combined assets of US$70bn and net income of more than US$275mn.