MEXICO CITY, Nov 9 (Reuters) - Mexican financial group Scotiabank Inverlat said on Monday it has agreed to sell its pension fund business to rival Profuturo GNP in a deal expected to close in January 2010.

Scotiabank did not disclose financial terms of the transaction.

Mexico's pension fund market is comprised of 16 pension funds, including Profuturo GNP (GPROFUT.MX: Quote, Profile, Research) and Scotiabank (BNS.TO: Quote, Profile, Research), but there has been consolidation in recent months.

Banorte (GFNORTEO.MX: Quote, Profile, Research), one of Mexico's top banks, purchased the pension fund from Ixe (IXEGFO.MX: Quote, Profile, Research) earlier this month.

Once the deal is approved, Scotiabank's 87,381 accounts will pass to Profuturo GNP, currently the fourth-biggest fund by asset size and with 3.1 million clients. (Reporting by Cyntia Barrera Diaz)