MEXICO CITY, May 30, 2013 /PRNewswire/ -- Grupo Financiero
Santander Mexico, S.A.B. de C.V. (BMV: SANMEX; NYSE: BSMX)
("Santander Mexico") announced today that its parent company, Banco
Santander, S.A. ("Santander"), has reached an agreement with
Warburg Pincus and General Atlantic to strengthen its asset
management division. Under this agreement, which is still subject
to certain regulatory approvals, Warburg Pincus and General
Atlantic will jointly acquire a 50% equity stake in an asset
management holding company that will integrate eleven asset
management division companies, primarily in Europe and Latin
America. The remaining 50% will be indirectly held by our
parent company.
As previously disclosed in our annual report, this transaction
would result in the divestiture of Gestion
Santander, S.A. de C.V., Sociedad Operadora de Sociedades de
Inversion ("Gestion Santander") and
therefore Gestion Santander will no
longer be part of Santander Mexico. However, we expect to enter
into exclusive, long-term distribution agreements so that Banco
Santander (Mexico) S.A., Santander
Mexico as well as Casa de Bolsa Santander, S.A. de C.V, Grupo
Financiero Santander Mexico, can continue to offer mutual funds
managed by Gestion Santander
following the divestiture.
As was reaffirmed in the Board meeting that took place on
February 14th, 2013, such
transaction is authorized to occur only at or above a price
determined by a third party to be fair and upon satisfaction of
certain other standard market conditions, as well as any required
government and third party approvals.
As of March 31, 2013, Gestion Santander managed approximately
180 billion pesos. This transaction
would value Gestion Santander at
approximately 195 million euros
(~3,250 million pesos) and we estimate a net capital gain for
Santander Mexico of 1,900 million
pesos.
About Grupo Financiero Santander
Mexico
Grupo Financiero Santander Mexico, S.A.B. de
C.V. (Santander Mexico), one of Mexico's leading financial services holding
companies, provides a wide range of financial and related services,
including retail and commercial banking, securities brokerage,
financial advisory and other related investment activities.
Santander Mexico offers a multichannel financial services platform
focused on mid- to high-income individuals and small- to
medium-sized enterprises, while also providing integrated financial
services to larger multinational companies in Mexico. As of March 31,
2013, Santander Mexico had total assets of Ps.856.8 billion
under Mexican GAAP and more than 10.0 million customers.
Headquartered in Mexico City, the
Company operates 967 branches and 226 offices nationwide and has a
total of 13,498 employees.
SOURCE Grupo Financiero Santander Mexico, S.A.B. de C.V.