The South American area manages the Group’s banking, pension and insurance businesses in the region. The area is quite diversified and has units operating in practically every South American country. The first half of 2011 saw the incorporation of Crédit Uruguay (acquired at the end of 2010 and merged with BBVA Uruguay in May 2011) and the sale of the Group’s stake in the insurance company Consolidar Retiro of Argentina. An additional 24.5% stake in the company Forum Chile was also purchased in September 2011.
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