According to a deal, which is set to finalized by January 2010, Bank of Nova Scotia has sold its Mexican pension funds business to Profuturo GNP for an unknown amount.

According to the Scotiabank, Profuturo will take over around 87,000 customers and an investment portfolio worth $285.7 million (3.6 billion pesos).

While talking to reporters, Nicole Reich de Polignac, the Chief Executive of Grupo Scotiabank, said that the said deal will allow them to concentrate on their financial services strategic lines.

At present, Grupo Scotiabank has around 660 branches and about 9,000 staff members in Mexico.