Profuturo SAB, Mexican financial services giant group, has agreed to acquire the local pension fund business of Canada’s Bank of Nova Scotia (BNS) for an undisclosed amount.

Profuturo, who had 112.28 billion pesos in assets under management and 3.1 million clients at the end of September, has now become the country’s fourth largest pension fund company, where the Bank of Scotia was a late comer to the country’s compulsory retirement savings industry.

In a press release, Grupo Scotia bank Chief Executive Nicole Reich said,” This transaction will allow us to focus on our strategic lines of financial services.”

Pension industries profit were decreased to MXN 1.85 billion last year from MXN 4.47 billion, due to the downward pressure on commissions from competition and regulatory changes.