ING Group, a company engaged in providing a range of insurance, banking and asset management services, has reached an agreement with Santander and Grupo Bapro to acquire 100% of Argentine pension fund Origenes AFJP and annuity company Origenes Seguros de Retiro to further strengthen its position in Latin America.

ING will acquire 59.2% of the mandatory pension and annuity business from Santander and the remaining 40.8% from its joint venture partner, Grupo Bapro and its subsidiaries, for a total consideration of $280 million.

Tom McInerney, ING executive board member and CEO for ING Insurance Americas, said: These pension and annuity businesses both have exceptional market positions in Argentina, making this acquisition an excellent platform with which to grow ING’s wealth management and retirement services position in the region. This acquisition represents another milestone in ING’s strategy to support growth through suitable bolt-on acquisitions.