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Mexico competition watchdog approves Suramericana's insurance restructuring

Suramericana SA said Mexico's federal economic competition commission Cofece has given unit Sura Asset Management SA approval to transfer 100% of Seguros de Vida Sura Mexico SA de CV's shares to Suramericana.

The transfer is still subject to approval from the CNSF, or the Governing Board of the National Insurance and Securities Commission of Mexico, the company noted in a regulatory filing. Mexico's insurance regulator approved the deal in July.

The move, which was announced in November 2017, is part of a strategy to streamline Grupo de Inversiones Suramericana SA's portfolio and allow Sura Asset Management to focus more on its core businesses.