Bank of Nova Scotia today announced that it has acquired a 47.5% stake in the private Peruvian pension fund Profuturo for US$33 million. Scotiabank will be working in partnership with a group of Profuturo’s existing local shareholders to manage the company.

“Scotiabank is very excited about this partnership and about our entry into the high potential Peruvian pension fund market,” says Carlos Gonzalez Taboada, chairman of Scotia Peru Holdings. “Peru is a fantastic market with enormous potential. Today’s announcement is the latest in a series of Peruvian investments by Scotiabank and Scotiabank Peru, underlining our confidence in the Peruvian market and in the opportunities this market presents for our customers, our employees and our shareholders.”

Founded in 1993, Profuturo is the fourth largest private pension fund in Peru, with 23% of the market’s pension fund customers and a 17% market share of the system’s revenues.

The local shareholders are made up of Cervesur, a leading Peruvian corporation and Transacciones Especiales, which is controlled by Grupo La Positiva and Grupo Suramericana.

Scotiabank and the local shareholders, who together control 95% of Profuturo, have also announced that they will be launching a tender offer to acquire up to 100% of the Peruvian pension fund company.

Scotiabank has been in Peru since 1997.