ING Group, the Dutch financial services firm, is looking for acquisitions to build its pensions, wealth management and life insurance businesses in Latin America. It aims to take advantage of competitors that might be looking to dispose of assets in the wake of the credit crisis. "We have a clear mandate from the group's board to look for opportunities in these areas," Carlos Muriel, chief executive of ING Americas, told Dow Jones Newswires. "I think there are players, perhaps whose core business is banking, that have wealth management assets in the region that aren't necessarily core. We are out hunting." Mr Muriel took over as chief executive of ING Americas and president for its insurance and pension operations in Latin America, on 1 January 2008. He replaced Robert Crispin, who retired as chairman and chief executive of ING Investment Management and Latin America. Previously chairman and chief executive of ING Mexico, Mr Muriel is based in Mexico City. As a member of the ING Americas executive leadership team, he reports to Tom McInerney, ING executive board member, chairman and chief executive of ING Insurance Americas. ING posted a 20.1 per cent rise in net profit for 2007 to €9.24 billion ($13.7 billion) and said it has about €9.5 billion of spare leverage to invest in organic growth and acquisitions. The Dutch firm has spent the last 12 months reshuffling its operations in Latin America - where it operates in Argentina, Brazil, Chile, Colombia, Mexico, Peru and Uruguay - to focus on pension savings and wealth management services. In January, it completed the purchase of Banco Santander's pension operations in five Latin American countries for €1.1 billion. The deal cemented ING's position as the number two pension fund manager in the region behind Spanish banking group Banco Bilbao Vizcaya Argentaria with 22 million clients and €35 billion in assets under management. ING's target is to double its pension assets in the region by 2011, said Mr Muriel, adding he wants to make Latin America a "true growth engine of the group's earnings" and sees the best opportunities in Brazil, Colombia, Mexico and Peru.