Representatives from the International Finance Corporation (IFC) has formalised the fund’s participation in GRUPO SURA’s acquisition of ING in Colombia.  The institution’s involvement represents its efforts to aid growth in emerging markets through private investment.

The IFC and their fund IFC African Latin American and Caribbean (ALC) are providing $200m for the takeover of ING’s assets in Mexico, Chile, Peru, Uruguay and Colombia.

Giri Jadeja, the IFC´s senior manager for financial markets in Latin America and the Caribbean, stated: "This investment forms a comprehensive part of IFC´s strategy both in Colombia and in Latin America, that is to say providing support to local players in their efforts to expand on a regional basis and respond to opportunities arising in these emerging markets, especially now that international players are concentrating their resources more on their own home markets and less on the developing markets.”

In addition to the IFC, co-investors included Bolivar Group, Bancolombia and the General Atlantic Investment Fund.

GRUOPO SURA is now the top player in the Latam pension fund sector after closing the acquisition of ING’s pension, insurance and investment funds at the end of December last year for $3.614m