Administradora de Fondos de Pensiones Habitat SA reached a share purchase agreement with both Scotiabank and Mercantil Colpatria SA to acquire 100% of Colombian Colfondos SA Pensiones y Cesantias, the buyer said in a filing.

The Chilean institution said the share price agreed upon was 585 billion Colombian pesos, to be paid upfront. The deal is still pending approval from the regulatory authorities in Colombia.

AFP Habitat, which already operates in Peru, seeks to expand its presence in the Andean region through the purchase of Colfondos, Colombia's third-largest pension fund manager in the country, with nearly 2 million clients in the country, Diario Financiero reported.

As of Aug. 8, US$1 was equivalent to 3,395.70 Colombian pesos.