MetLife Mexico, a provider of insurance and financial services, has signed a definitive agreement to acquire Afore Actinver as part of its strategy to strengthen the company's savings and retirement portfolio and to expand its presence in Mexico.
This agreement is subject to customary closing conditions including regulatory approval by the National Commission of Savings for Retirement (CONSAR), and the Federal Competition Commission (COFECO) in Mexico.
William Toppeta, president of MetLife International, said: We see vast opportunities in the savings and retirement business in Mexico and this transaction enables us to increase the scale of our existing pension operation. We expect that this transaction will position us for further growth and expansion in the Mexican market.
Alberto Vilar, CEO of MetLife Mexico, said: In addition to the acquisition of the Afore, the agreement includes a commercial alliance under which Actinver will sell MetLife products to their clients. This is a great transaction that will increase our market penetration, add an accomplished sales force to our distribution and help Mexican people achieve their financial goals by accessing our products.