South America manages the Group’s banking, pension and insurance businesses in the region. The area is quite diversified and has units operating in practically every South American country.
In the last quarter of 2012 and so far in 2013 major progress has been made in the conclusion of agreements for the sale of the pension business in Latin America. Specifically, on December 24, 2012 an agreement was signed for the sale of the stake in the Colombian subsidiary and on February 1, 2013 a second agreement was concluded for the sale of the stake in the Chilean subsidiary.