Scotiabank acquires 47.5% interest in Peruvian pension fund
June 19, 2008
33.00 Million USD
On June 19, 2008, Scotiabank announced that it has acquired a 47.5% interest in the private Peruvian pension fund, Profuturo, for US$33 million. Scotia Peru Holdings will be working in partnership with a group of Profuturo’s existing local shareholders to manage the company.
Founded in 1993, Profuturo is the fourth largest private pension fund in Peru, with 23% of the market's pension fund customers and a 17% market share of the system's revenues.
Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With more than 60,000 employees, Scotiabank Group and its affiliates serve approximately 12.5 million customers in some 50 countries around the world.
McCarthy Tétrault LLP advised Scotiabank with a team led by Ian Arellano and Robert Hansen.