Spain's BBVA completes sale of Chile's AFP Provida for $1.54 billion

Reuters

MADRID (Reuters) - Spain's second-biggest bank BBVA (MCE:BBVA) said on Wednesday it had finalised the sale of 64.3 percent of Chilean pension fund administrator AFP Provida S.A. to MetLife (NYS:MET) for $1.54 billion (951.91 million pounds).

MetLife agreed to buy the largest pension fund administrator in Chile for around $2 billion in February to expand its presence in emerging markets.

BBVA received $1.3 billion as the sales price and around $230 million in dividends from AFP, generating net capital gains of around 500 million euros ($676.28 million).

(Reporting by Clare Kane; Editing by Paul Day)

Rates

View Comments (0)