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BTG Pactual acquires control of AFP Planvital

Bnamericas

Brazilian investment bank BTG Pactual agreed to acquire Swiss private bank BSI, which controls Chilean private pension fund administrator AFP Planvital, according to a BTG release.

BTG will purchase 100% of BSI from Italian insurer Generali for 1.5bn Swiss francs (US$1.68bn), of which 1.2bn Swiss francs will be in cash, with the remaining 300mn Swiss francs taking the form of BTG units listed on the São Paulo stock exchange.

BTG's acquisition of AFP Planvital comes only a few months after the AFP won a national tender to receive all new pension program participants for up to 24 months, starting August 1.

The deal, which is subject to regulatory approval, would make BTG the latest in a series of international firms to enter Chile's pension fund market. But as yet, BTG's plans with respect to the AFP company are unclear. BTG was not immediately available for comment.

In February 2013, US insurer MetLife bought Chile's largest pension fund manager, AFP Provida, from Spanish bank BBVA in a US$2bn cash deal. And in the same month, Principal Financial Group bought Chile's fourth largest private pension fund manager, AFP Cuprum.

The acquisition also follows hot on the footsteps of BTG's deal to acquire Ariel Reinsurance (Ariel Re), a non-life international reinsurance group based in London and Bermuda, set to be the "cornerstone of BTG Pactual's international reinsurance venture," according to an announcement made last week by the Brazilian investment bank.

As for Generali, the transaction completes the insurer's strategy to offload non-core assets to strengthen its capital base.

"With this transaction, we exceed our Solvency 1 target, restoring the capital base of Generali over a year in advance of our 2015 plan," said the firm's CEO Mario Greco.

BSI manages around US$100mn in client assets and has approximately 2,000 employees in over 10 countries, according to a release by BTG.

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