Uruguay approval marks final step on GrupoSura's takeover of ING units

- Wednesday, December 28, 2011

Uruguay approval marks final step on GrupoSura's takeover of ING units

Uruguay's central bank BCU has granted regulatory approval to GrupoSura's takeover of Dutch financial services group ING's (NYSE: ING) local pension fund manager Afinidad AFAP, a press release from the Colombian holding company reads.

Uruguay was the last of the five countries - Chile, Colombia, México, Peru and Uruguay - to approve GrupoSura's purchase of ING's pension, life insurance and investment management assets in these markets.

With this final approval, GrupoSura can close the acquisition of ING's 14 Latin American units that it announced in July for 2.68bn euros (US$3.9bn).

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As of end-2010, these units had combined assets of US$70bn and net income of more than US$275mn.

ING will continue to operate in Latin America's banking market.