EDITORIAL COMMENT: Is BTG ready to enter Chile's AFP market?
Brazilian investment bank BTG Pactual was granted exclusivity by Italian insurer Generali this week to negotiate the purchase of Swiss private bank BSI, which raises the question about BTG's plans for Chilean private pension fund manager AFP Planvital, a unit of BSI.
Fruitful negotiations between the parties could mark BTG's entry into the private pension (AFP) market in Chile, following its entry to the insurance business in Latin America in 2013.
BTG's entry would be the latest in a trend that has seen other international financial groups descend on the market.
In February 2013, US insurer MetLife bought Chile's largest pension fund manager, AFP Provida, from Spanish bank BBVA in a US$2bn cash deal. And in the same month, Principal Financial Group bought Chile's fourth largest private pension fund manager, AFP Cuprum.
BTG would be acquiring AFP Planvital a the right moment. The pension fund manager recently won a national tender to receive all new pension program participants for up to a 24-month period starting August 1.
Alternatively, should BTG Pactual opt against a move into Chile's AFP market, it may instead chose to offload Planvital.
The Brazilian bank was not immediately available to comment on its plans regarding BSI.
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