Banco del Caribe SA, Venezuela's seventh-largest bank, expects to form a joint venture with American Insurance Group to tap the country's newly created pension fund industry.

The equally owned joint venture, which wasn't named immediately, is part of Banco del Caribe and plans to offer a full range of financial services.

Venezuela's pension fund industry, which is scheduled to begin operating next year, could eventually rival that of Chile, the oldest in Latin America. Chilean pension funds have $28 billion under management.

AIG already operates pension funds in Mexico, Argentina, Chile, and Peru.

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