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.

More on this topic

Costa Rica: Banco Popular Assumes Coopemex Liabilities

June 2010

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 announcement was made by Gerardo Porras, General Manager at Banco Popular. He noted that the operation should be completed no later than June 10.

$35 million for Costa Rican MSMEs

February 2009

The Banco Popular will make the sum available for MSMEs that lack the collateral needed for a credit line.

Andrey Monge writes in Elfinancierocr.com: "The funds are part of the institution's net income, and will be assigned through an auction of guarantees, to be executed on February 20th by the Fund for the Development of Micro, Small and Medium Enterprises (Fodemipyme)"

Pension-fund managers in Costa Rica step up foreign investment

July 2008

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.

Through April of this year, the proportion of foreign funds in Costa Rican pension schemes dropped, but since May the trend has been reversed as managers fight to raise low yields on their investments.

Costa Rica's Banco Popular in talks with INS on pensions merger

May 2008

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.

No information is available on the progress of the talks, which are being held behind closed doors.

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