ING boosts holdings in Peru

August 13, 2008 5:11 AM

Dutch insurance group ING has increased its stake in two Peruvian pension fund managers, AFP Integra and ING Fondos, after acquiring stock from minority shareholders.
The transaction has a combined value of US$ 55 million, and hands ING an 80 per cent share in each company.

“An interesting feature of the deal was the number and characteristics of sellers. Individuals, local and offshore companies, some listed in the Lima Stock Exchange, took part as sellers, adding extra sophistication to our task,” says Juan José Cárdenas, from Rebaza, Alcázar & De Las Casas Abogados Financieros, who advised the sellers.

Peruvian bank Wiese Group led the minority shareholders of both companies in the sale, and retains control of the remaining 20 per cent share in each.

ING also has investments in Mexico, Brazil and Chile, with this acquisition taking revenue from Peru up to 10 per cent of its income from Latin America.

Counsel to ING Group

Rodrigo, Elías & Medrano Abogados
Partner Jean Paul Chabaneix, senior associate Luis Enrique Palacios and associate Andrés Pesaque

Counsel to the Wiese Group

Rebaza, Alcázar & De Las Casas Abogados Financieros
Partners Juan José Cárdenas and Alberto Rebaza, senior associate Carlos Granda and associate Alexandra Orbezo

(Source: LatinLawyer)

August 12, 2008