BBVA divestment gathers pace with Chile pension sale

The New York, Washington, DC, Boston and Palo Alto offices of Skadden, Arps, Slate, Meagher & Flom LLP, Chilean firm Prieto y Cía and Ecuador's Pérez Bustamante & Ponce Abogados are helping US insurer Metropolitan Life Insurance Company (MetLife) acquire a controlling stake in Chile’s largest private pension fund administrator, AFP Provida, from BBVA - less than three months after the Spanish banking heavyweight sold off pension assets in Colombia and Mexico.

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