AMSTERDAM - ING Group NV, which owns 49% of the Mexican pension company Afore Bital, has agreed to pay $195 million to buy another 49% and is to buy the final 2% next year.
Afore Bital has $1.3 billion of assets under management and 1.8 million customers, giving it a 10% share of the Mexican market. It would retain its name under ING.
ING has been expanding in Mexico. In April it bought 41.5% of Seguros Comercial America, Mexico's largest and fastest-growing insurer, for $809 million. It has an option to buy a controlling stake in three years.