Principal Completes the Purchase of MetLife Afore in Mexico
Today, Principal Financial Group® (“Principal”) announced it has completed its acquisition of MetLife Afore, S.A. de C.V. (“MetLife Afore”), MetLife, Inc.’s pension fund management business in Mexico, attaining full regulatory approval for the deal. The purchase and integration will position its Principal Afore, S.A. de C.V. (“Principal Afore”) as the fifth largest Afore in Mexico with more than 7 percent market share*.
“Mexico is a growing and important market for Principal,” said Luis Valdes, president of Principal International, the global pension business of Principal Financial Group. “We are committed to making investments in countries with a robust middle class to bring more people the long-term retirement and investing solutions they need to achieve a more secure financial future.”
Clients currently served by the MetLife Afore will become part of Principal Afore over the course of the next 90 days as the Afores merge. Principal Afore is owned by Principal Financial Group, a global pension and retirement expert that serves more than 22 million clients around the world and has 25 years of experience in Mexico providing mandatory pension, voluntary long-term savings, and mutual fund products and services.
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