US insurer MetLife (NYSE: MET) will likely seal the purchase of Chile's third largest private pension fund manager AFP Cuprum within the next few weeks, local daily La Tercera reported.

Related content

• Companies / Entities

  The Bank of Nova Scotia

  MetLife Inc.

  A.F.P. Cuprum S.A.

• Keywords

  Government/Regulations

  Pension

• Research Reports

  Latin America Weekly Outlook - February 01, 2008

  Latin America Weekly Outlook - February 08, 2008

  Latin America Weekly Outlook - February 15, 2008

  Latin America Weekly Outlook - February 22, 2008

  Latin America Weekly Outlook - March 03, 2008

  Latin America Weekly Outlook (March 7, 2008)

  Latin America Weekly Outlook (March 14, 2008)

Last month, a top executive from AFP Cuprum came out to kill press reports claiming it was in the closing stages of talks to sell to Canada's Scotiabank (NYSE: BNS).

AFP Cuprum's market cap today stands at US$634mn.

AFP Cuprum - Chile's only locally owned private pension fund manager - manages US$27bn in assets and services some 400,000 contributors.

Local financial services group Empresas Penta controls AFP Cuprum with a 63.4% stake. In August 2005, the group bought the 31.4% stake it did not own in AFP Cuprum from Canada-based Sun Life Financial (NYSE: SLF) for US$111mn.

In Chile, MetLife operates the country's second largest life insurer.