MEXICO CITY, Dec. 5, 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, upon receipt of the required regulatory approvals and
authorizations, it has sold its shares of Gestion Santander, S.A. de C.V., Sociedad
Operadora de Sociedades de Inversion, Grupo Financiero Santander
Mexico ("Gestion Santander"), in
accordance with the previously disclosed May
2013 agreement with its parent company, Banco Santander,
S.A., to grow its parent company's asset management division.
As a result of this transaction, Warburg Pincus and General
Atlantic will indirectly hold 50% of the equity of Gestion Santander and the remaining 50% will be
indirectly held by Banco Santander Spain. The transaction was
valued at Ps.3,178.8 million, which implies a net capital gain for
Santander Mexico of Ps.1,967.7 million. The valuation was
determined to be at a market price by an independent expert.
As previously disclosed in the Company's annual report, this
transaction results in the divestiture of Gestion Santander from Santander Mexico.
Additionally, the Company will 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 to its customers following the
divestiture.
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.
SOURCE Grupo Financiero Santander Mexico, S.A.B. de C.V.