AAD is a pension fund management company in Mexico with 1.25 million customers and US$ 1,050 million (MXN 11,000 million) in funds under management. AAD has a market share of 4.5 percent. AFORE Allianz Dresdner was the result of a joint venture between BanCrecer, Dresdner Bank (44 percent) and Allianz Mexico (5 percent) founded in 1997. In 2001 Dresdner Bank took over the outstanding shares from BanCrecer (51 percent) and together with Allianz Mexico renamed the pension fund company AFORE Allianz Dresdner.
Sandy Flockhart, Group General Manager and CEO for HSBC in Mexico, said: “This acquisition is an excellent opportunity for GFBital to develop a significant pension fund management business in Mexico. AAD’s position in the market and the experience of its staff, together with our distribution network and customer base, will allow us to quickly build profitable market share in this business.”
Dr. Joachim Faber, member of the board of management of Allianz AG, responsible for Allianz Dresdner Asset Management, said: “In Mexico we were able to build a successful business, but going forward the synergies within Allianz Dresdner Asset Management are less obvious. On a stand-alone basis the business is too small. With its banking and distribution networks GFBital can integrate and leverage AFORE Allianz Dresdner. Given the ongoing consolidation process in this industry it is the right time for this transaction.”
The transaction, which is subject to regulatory approvals, is expected to complete in the third quarter of 2003.
Allianz sells Mexican pension fund company AFORE Allianz Dresdner
As with all content published on this site, these statements are subject to our Forward Looking Statement disclaimer.Link to the disclaimer
Cautionary Note Regarding Forward-Looking Statements
Certain of the statements contained herein may be statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words ‘may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential, or continue’ and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in the Allianz Group's core business and core markets, (ii) performance of financial markets, including emerging markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) the extent of credit defaults (vii) interest rate levels, (viii) currency exchange rates including the Euro-U.S. dollar exchange rate, (ix) changing levels of competition, (x) changes in laws and regulations, including monetary convergence and the European Monetary Union, (xi) changes in the policies of central banks and/or foreign governments, (xii) the impact of acquisitions, including related integration issues, (xiii) reorganization measures and (xiv) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences. The matters discussed herein may also involve risks and uncertainties described from time to time in Allianz AG’s filings with the U.S. Securities and Exchange Commission. The company assumes no obligation to update any forward-looking statement.
No duty to update
The company assumes no obligation to update any information contained herein.