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AFP Habitat acquires stake in Colombian pension fund manager

Bank of Nova Scotia said it completed the sale of a 51% stake in Colombia-based Colfondos SA Pensiones y Cesantias to an affiliate of Chile's Administradora de Fondos de Pensiones Habitat SA, La República reported.

AFP Habitat is also acquiring the remaining 49% stake in Colfondos from Mercantil Colpatria SA.

The completion of the Scotiabank deal means AFP Habitat has formally entered the Colombian pension market, adding to its operations in Chile, Peru and Colombia, the newspaper reported.

According to a previous report, Colfondos is the third largest pension fund manager in Colombia with nearly 2 million clients in the country.