SURA WANTS TO TAKE THE BUSINESS OF BBVA

SURA WANTS TO TAKE THE BUSINESS OF BBVA

Sura Investment Group, which last year made a spectacular appearance in the Latin American arena by buying the operations of ING, as much of 3,500 billion dollars in pension funds of Dutch originated in Latin America, a major step in the process of internationalization of the Colombian company.

Now, according to international sources such as Bloomberg TV is seriously analyzing to buy BBVA pensions funds in the countries of the region where regulations will allow it.

David Bojanini, Sura´s president, said the possibility of enlarging the business depends on how BBVA wants to offer their assets "We are ready, crises also bring opportunity and we must know to take advantage," has said Bojanini.

Banks worldwide are reviewing their risk and costs to meet stricter capital rules that seek to avoid a repeat of the 2008 crisis in which dozens of financial institutions closed and thousands of people lost their jobs. As part of that process European groups are leaving Latin America to raise funds and focus on their domestic markets.

GRUPOSURA is the investment arm of the GEA (Grupo Empresarial Antioqueño) Group, Colombia's largest conglomerate, consisting of about one hundred companies that range from financial services to cement and processed foods. Each unit is a member of the other.

GRUPOSURA, reported in 2011 net profits for 332.7 billion COP$ 180.7 million dollars), down by 52.2 % from 2010, could resort to capital markets to finance purchases. Last year, the company with assets of 21.6 billion COP$, a combination of equity, loans and emissions to buy the assets of ING, the largest acquisition of a Colombian company outside.