Spain is usually perceived as leading the way over its poorer relations in Latin America. However, as far as private pensions are concerned it is patently the laggard. Eight Latin American countries have already introduced pension reforms, and the aggregate private pension fund business in the region (excluding Brazil) now represents 7% of GDP - in Spain a paltry 5%.
Significantly, the sum of Spanish banking giants BBVA and BSCH's Latin American pension assets total $34.5bn (󌍘bn), exceeding the sum of the entire Spanish private pensions market - currently estimated at $28.1bn.
