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Article: PRIVATE SECTOR INTEREST IN PENSION SYSTEM.(Dominican Republic)
- Article from:
- Caribbean Update
- Article date:
- March 1, 2003
CopyrightCOPYRIGHT 2003 Caribbean Update, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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International financial groups such as Spain's BBVA and Dutch group ING plan to enter the Dominican Republic's new private pension system, which was to debut on Feb. 1, reports Business News Americas (Jan. 31, 2003):
The new system replaces the old state-funded regime and nine pension fund managers have been authorized to operate, of which two have international shareholders. BBVA will operate through its pension fund manager BBVA Crecer AFP and ING through its indirect stake in AFP Popular. "The creation of this system will further strengthen our leadership position in the pension fund business in Latin American," said a spokesman for BBVA, the largest pension ...