Confia AFP

completed

The project company is Confia AFP S.A. (Confia or the company), one of the leading pension fund companies in El Salvador, with a 43.5% market share and approximately 449,000 affiliates (as of June 2003). In December 2003, Cuscatlan Group entered into a share purchase agreement with Citigroup International, controlling shareholder of Confia, to acquire, subject to regulatory approval, a controlling stake in the company. Cuscatlan Group, through its holding company Union de Bancos Cuscatlan Internacional (UBCI or the group), is the second largest financial group in Central America. The acquisition of Confia would fit well in Cuscatlan's long term strategy, by helping the group further diversify its revenue stream, reinforce its image as a regional, integrated financial services provider and by creating strong synergies and cross-selling opportunities with the group's retail banking, asset management and insurance activities.