MetLife Inc., the largest U.S. life insurer, is expanding the portfolio of Americas head William Wheeler with a $2 billion deal, highlighting the potential he may be the next chief executive officer.

MetLife’s agreement to buy AFP Provida SA from Banco Bilbao Vizcaya Argentaria SA, announced Feb. 1, bolsters the New York- based insurer’s presence in Latin America while trimming its reliance on capital-intensive offerings.

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