Colombia-based Sura Asset Management SA has created a new subsidiary in Mexico, named NBM Innova SA de CV, La República reported, citing a filing from its parent company Grupo de Inversiones Suramericana SA.
NBM Innova will be Sura Asset Management's investment arm in Mexico where the group's projects for the region will be channeled.
In November 2017, Grupo Sura said unit Suramericana SA was purchasing Sura Asset Management's life insurance business in Mexico as part of a strategy to streamline the group's portfolio. A Colombian law has called for financial conglomerates to have simple corporate structures in order to facilitate their supervision by regulators in different jurisdictions, the group said.
In January, Grupo Sura announced it will create a company in Panama named SURA Ventures SA, which will replace the operations of its subsidiary, Grupo Sura Panamá. In turn, Grupo Sura looks to absorb Grupo Sura Panamá as well as Cayman Islands-based Gruposura Finance.
The group is also selling life insurance unit Seguros de Vida SURA SA's annuity business in Chile for a base price of about $232 million.
Ricardo Jaramillo, Grupo Sura's vice president for finance, said the company plans to invest $150 million in 2018, mainly in its Latin American insurance and pension businesses.
