MEXICO CITY, Nov. 29, 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 completed the acquisition of 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"), as announced on June 14, 2013.
Upon receipt of all required regulatory approvals and
authorizations for the acquisition, Banco Santander Mexico
purchased ING Hipotecaria for Ps.541.4 million (approximately
US$41.4 million) in cash. As of
September 30, 2013, ING Hipotecaria's
loan portfolio totaled Ps.11.9 billion, its customer base exceeded
28,000 clients, and its distribution network consisted of 20
branches throughout Mexico.
Marcos Martinez, Executive
Chairman and CEO, commented, "We are very pleased to have completed
the acquisition of ING Hipotecaria, which strengthens our core
portfolio and solidifies Santander Mexico's position as the second
largest banking mortgage provider in Mexico with an estimated market share that
increases from 15.8% to 17.8% with this acquisition. We have
successfully grown our mortgage business over the years through a
prudent combination of organic and external growth initiatives, and
we believe the acquisition of ING Hipotecaria fits perfectly into
our ongoing strategy. Going forward we intend to continue to expand
our mortgage business, providing our clients with innovative
products and services while leveraging opportunities for
cross-selling our other banking products and maximizing the cost
synergies we have identified for this acquisition."
ING Group Trademarks and Domain
We inform you that on November 29,
2013, Banco Santander (Mexico), SA, Institucion de Banca Multiple,
Grupo Financiero Santander Mexico acquired the equity stock of ING
Hipotecaria. From that date ING Hipotecaria is no longer part or
affiliated with (and is not carrying on business for or
representing) either Conglomerado de Valores, S.A. de C.V. or ING
Group or any of their affiliates. ING trademarks and ING domain
names remain the property of ING Group and ING Bank, as applicable,
and are used under license by ING Hipotecaria with ING Group's and
ING Bank's, as applicable, permission.
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
September 30, 2013, Santander Mexico
had total assets of Ps.806.3 billion under Mexican GAAP and more
than 10.6 million customers. Headquartered in Mexico City, the Company operates 991 branches
and 238 offices nationwide and has a total of 13,883
employees.
About ING Group
ING is a global financial institution of Dutch origin,
offering banking, investments, life insurance and retirement
services to meet the needs of a broad customer base. Going forward,
we will concentrate on our position as an international retail,
direct and commercial bank, while creating an optimal base for an
independent future for our insurance and investment management
operations
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.