MEXICO CITY, June 14, 2013 /PRNewswire/ -- Grupo
Financiero Santander Mexico, S.A.B. de C.V. (BMV: SANMEX; NYSE:
BSMX) ("Santander Mexico" or the "Company"), one of the leading
financial groups in Mexico, today
announced that its subsidiary, Banco Santander (Mexico), S.A., Institucion de Banca Multiple
("Banco Santander Mexico"), has reached an agreement to acquire the
equity stock of ING Hipotecaria, S.A. de C.V., Sociedad Financiera
de Objeto Multiple, Entidad No Regulada ("ING Hipotecaria"), a
subsidiary of ING Group ("ING").
ING Hipotecaria provides mortgage-related products and services
to more than 28,000 clients and operates 20 branches throughout
Mexico. As of March 31, 2013,
ING Hipotecaria's loan portfolio totaled Ps.12.3 billion.
The transaction, which is subject to customary regulatory
approvals, is expected to close in the second half of 2013.
If all authorizations for the acquisition are obtained, then
based on ING Hipotecaria's audited 2012 financial statements, Banco
Santander Mexico expects to purchase ING Hipotecaria for Ps.643
million (approximately US$50 million)
in cash. The purchase price is subject to adjustment based on ING
Hipotecaria's final pre-close financial statements. The acquisition
is expected to generate operating synergies and contribute
favorably to Banco Santander Mexico's overall performance once ING
Hipotecaria has been fully integrated.
Marcos Martinez, Executive
Chairman and CEO, commented, "We are very pleased to have reached
an agreement to acquire ING Group's Mexican mortgage business, ING
Hipotecaria, which will further strengthen our core portfolio and
make Santander Mexico the second largest mortgage provider in
Mexico. Roughly three quarters of ING Hipotecaria's client
base consists of middle- to high-income segments, making this
transaction complementary to our current client base. We see
excellent opportunities for cross-selling our other banking
products and also have identified operating cost synergies.
We believe this acquisition will further strengthen our presence in
the mortgage market in Mexico."
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 million customers.
Headquartered in Mexico City, the
Company operates 967 branches and 226 offices nationwide and has a
total of 13,498 employees.
Cautionary Statement on Forward-Looking
Statements
This press release contains
forward-looking statements. The forward-looking statements
contained herein include, without limitation, statements about
Santander Mexico's intent, belief, targets or current expectations
concerning our future business development and performance and the
expected synergies from the acquisition of ING Hipotecaria. While
these forward-looking statements represent our judgment and current
expectations concerning the development of our business, a number
of risks, uncertainties and other important factors could cause
actual developments and results to differ materially from our
expectations. Information relating to risks, uncertainties and
other factors that affect our business are included in our annual
report on Form 20-F filed with the U.S. Securities and Exchange
Commission. The risks and uncertainties included in our filings and
reports, including those with the U.S. Securities and Exchange
Commission, could adversely affect our business and financial
performance. You should not place undue reliance on these
forward-looking statements, which speak only as of the date
they were made, and we undertake no obligation to update publicly
or to revise any forward-looking statements, except as required by
applicable law.
SOURCE Grupo Financiero Santander Mexico, S.A.B. de C.V.