By Amy Guthrie
MEXICO CITY--Grupo Financiero Santander Mexico said Tuesday it
has agreed to buy a consumer loan portfolio valued at 4.10 billion
pesos ($300 million) from the Mexican unit of Scotiabank, with the
aim of increasing its market share in personal loans.
Santander Mexico said in a release that about 90% of the more
than 47,000 clients in the portfolio represent new business
opportunities for the bank, a unit of Spain's Banco Santander.
Nearly all of the clients in the portfolio are considered middle-
to high-income.
Santander, one of Mexico's largest commercial banks with assets
of about $68 billion and more than 11 million customers, hopes to
close the deal within the next three months.
Scotiabank's Mexican unit said it would continue with its plans
to expand in different credit segments, and that it is going ahead
with its 3.6 billion-peso investment plan, which includes the
acquisition of new technology and systems.
Scotiabank said it "reiterates its commitment with the country
and its confidence in Mexico's short-term and long-term growth
prospects."
Write to Amy Guthrie at amy.guthrie@wsj.com
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