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.
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.
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.
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.
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