Principal Financial Group has agreed to acquire MetLife Afore, a pension fund management business of MetLife in Mexico, for an undisclosed sum.

Principal has entered Mexican market 25 years ago and offers pension related advices and customized tools to customers to help them achieve retirement goals

Principal said that the transaction enables it to expand into mandatory pension, voluntary long-term savings, and mutual funds businesses and makes it fifth largest provider of pension services in Mexico, in terms of assets under management.

MetLife Latin America head and executive vice president Oscar Schmidt said: “We are confident that Principal will provide our Afore clients in Mexico with access to quality resources and capabilities to help them achieve their retirement goals.”

Principal International Latin America president Roberto Walker said: “This acquisition strengthens our commitment to Mexico’s pension market.”

The deal is subject to the aproval by Mexican regulatory authorities and is expected to complete in the first quarter of 2018.

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