July 12, 2024
Business Companies

Sura’s ‘Protección’ Subsidiary Sells El Salvador Operations for US$60 Million

Medellin-based insurance/pensions/health-care multinational Grupo Sura announced February 15 that its pensions subsidiary Protección just inked a deal to sell its El Salvador financial subsidiary, Pension Funds Crecer.

The US$60 million deal means that Protección “will dispose of all the shares it owns in administrator of pension-funds administrator Crecer S.A.,” according to Sura.

Protección had bought Crecer just 13 years ago — in 2011. “The buyer, Centro Financiero Crecer, S. A., has become a company with a solid reputation in the financial markets of Central America and the Caribbean, specifically in the pension and insurance sectors,” according to Sura.

Besides its newly acquired El Salvador operations, Centro Financiero Crecer also owns AFP Crecer and Seguros Crecer in the Dominican Republic, as well as Affinity International, the latter described as a general insurance agent in the Dominican Republic, Guatemala, Mexico, Panama, Honduras and Colombia.

“With this divestment, Protección SA seeks to focus on the development of its business and capitalize on growth opportunities, prioritizing focusing its capital on local [Colombian] businesses in accordance with its organizational strategy,” according to the company.

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