GERMANY/MEXICO - German insurance and pensions giant Allianz is to sell its Mexican pension fund business Afore Allianz Dresdner (AAD) to the HSBC-owned Grupo Financiero Bital (GFB) in a deal worth $200m.
AAD has 1.25m customers and manages $1,050m (11,000m pesos) in assets, 4.5% of the Mexican pensions market. Subject to regulatory clearance the deal should go through in Q3 this year. The company ...
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