Spain's BBVA said Monday it sold its retirement investment management business in Colombia, BBVA Horizonte Sociedad Administradora de Fondos de Pensiones y Cesantias, for 400 million euros (about $528 million) to Sociedad Administradora de Fondos de Pensiones y Cesantías Porvenir, a unit of Grupo Aval Acciones y Valores.

The deal, which is expected to close in the first half of 2013, is subject to regulatory approval in Colombia, BBVA said in a filing with Spanish stock market regulator CNMV.

The decision to sell the Colombian retirement management business was the product of a strategic review of the Latin American pension management business that started in May and found that the unit was not a core operation, BBVA spokesmen told Efe.

BBVA sold its Mexican retirement management business in November and retains pension operations only in Peru and Chile.

The Spanish banking giant is still committed to Latin America as a "priority" area for its business and plans to continue investing in the region, the BBVA spokesmen said. EFE