AFP Bansander CEO to head Santander LatAm pension ops

Thursday, November 9, 2006

Spain's Grupo Santander (NYSE: STD) has appointed Andrés Castro, CEO of its Chilean pension fund manager AFP Bansander, to head the group's pension operations in Latin America, a source close to the matter told BNamericas.

Castro will oversee Grupo Santander's pension fund managers in Argentina, Chile, Mexico, Colombia and Uruguay, which together administer funds worth 16.9bn euros (US$21.6bn) for some 7 million affiliates.

Last July, the group sold its Peruvian pension unit AFP Unión to Peru's Credicorp (NYSE: BAP) for US$142mn.

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AFP Bansander has been the most profitable pension fund manager over the last few months in Chile and has topped recent customer service rankings.

Castro's appointment in part acknowledges the company's good performance, the source said.

AFP Bansander was Chile's fourth largest pension fund manager at end-September with US$9.74bn in assets under management.