AFP Genesis has new owners

MetLife

The Spanish group BBVA sold 64.3% of its shares in the company AFP Provida de Chile, this operation includes the delivery of the subsidiary AFP Genesis Ecuador, which manages about $ 122 million in assets. The new owner is the United States company MetLife, which seeks to strengthen its strategy of “expansion in emerging markets.” The total investment reached a total of $ 1,302 million.

Genesis is one of the largest companies of fund investment management in the country, it specializes in the provision of savings. It has served from March 1995 raising funds from customers for the purpose of investing for retirement.

The operation between Provida de Chile and MetLife was carried out last Friday, February 1 and  the companies expect the negotiations to materialize this summer. Subsequently there would be a public offering (IPO) for the remaining shares. If it were to acquire the 100% of the company, the purchase price would be of $ 2,000 million.

sold 64.3% of its shares in the company AFP Provida de Chile, this operation includes the delivery of the subsidiary AFP Genesis Ecuador, which manages about $ 122 million in assets. The new owner is the United States company MetLife, which seeks to strengthen its strategy of “expansion in emerging markets.” The total investment reached a total of $ 1,302 million.

Genesis is one of the largest companies of fund investment management in the country, it specializes in the provision of savings. It has served from March 1995, whose task was to raise funds from customers for the purpose of investing for retirement employment.

The operation between Provida de Chile and MetLife was carried out last Friday, February 1, the companies expect the negotiations to materialize this summer. Subsequently there would be a public offering (IPO) for the remaining roles. If it were to acquire the 100% of the company, the purchase price would be of $ 2,000 million.