Thousands to make switch in Costa Rican pensions merger
The possible acquisition of INS Pensiones by Popular Pensiones – first revealed by LA REPUBLICA – could lead more than 29,000 Costa Rican savers to switch pension funds.
Monday, June 9, 2008
INS Pensiones is the pension-fund arm of the state insurance monopoly. Popular, which already has 203,000 affiliates, has a leading 25 percent share of the Costa Rican market. INS Pensiones has a 2 percent market share.
Costa Rica's Banco Popular is in negotiations to acquire or merge with the pension-fund management company of the state-owned insurance monopoly, Instituto Nacional de Seguros (INS). If it comes off, the deal will be one of the biggest ever in the pensions sector.
The Banco Popular will make the sum available for MSMEs that lack the collateral needed for a credit line.
Costa Rican pension-fund managers can have up 40 percent of their assets in foreign markets, following a tendency that began to be noted in May.
Bank “Banco Popular” will buy 100% of the liabilities of intervened financial cooperative Coopemex, and will put in place a trust to manage its assets.
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