MEXICO CITY, Nov 26, 2003 (El Universal/Corporate Mexico by Internet Securities, Inc. via COMTEX) -- The private pension funds (Afores) market may grow in 2004. Next month, the governing board of the National Commission of the Retirement Fund System (Consar) will respond to the petition from Ixe Grupo Financiero to form a new Afore.
According to Enrique Castillo Sanchez Mejorada, the bank's director, Ixe expects to hear the decision by the end of December. He said he was confident that the response would be positive and that the new pension fund would hit the market by early 2004.
According to Castillo, who is also vice president of the Mexican Bankers Association (ABM), there is still room for more fund administrators. This will be Ixe's second incursion into the market, following Afore XXI begun in 1997. Ixe sold half of Afore XXI to Prudential International Investments Corporation in February 2002 for 1.73 billion pesos (US$152.18 million).
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