By Ryan Dube
LIMA, Peru--Peru's government has authorized financial holding
company Intercorp Financial Services Inc. (IFS.VL) to create a
private pension fund.
The Superintendent of Banking, Insurance and Private Pensions
published a resolution Thursday in official gazette El Peruano
giving Intercorp the green light to set up private pension fund AFP
Interactiva.
The authorization comes as the government is overhauling the
private pension system to widen coverage, attract new fund managers
and reduce commissions.
Intercorp is the main shareholder of Interbank, which is Peru's
fourth largest bank. It also owns insurance company Interseguro, as
well as a supermarket chain, among other assets.
Peru currently has four private pension funds, which manage
about $35 billion and are important players in the domestic bond
and stock markets.
These are AFP Horizonte SA (HORIZC1.VL), which is owned mainly
by Holding Continental and Spain's Banco Bilbao Vizcaya Argentaria
SA (BBVA, BBVA.MC); AFP Integra SA (INTEGRC1.VL), owned by
Colombia's Grupo de Inversiones Suramericana SA. (GIVSY,
GRUPOSURA.BO); AFP Profuturo, whose main shareholder is a unit of
Bank of Nova Scotia (BNS, BNS.T); and Prima AFP, controlled by
Peru's Credicorp Ltd. (BAP, BAP.VL).
Write to Ryan Dube at ryan.dube@dowjones.com
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