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.
|Grupo Financiero Santander Mexico Announces That Its Subsidiary, Banco Santander (Mexico) S.A. Has Priced U.S.$1.3 Billion Basel III Compliant Tier 2 Subordinated Capital Notes ()|
|Grupo Financiero Santander Mexico Announces The Resolutions From The Board Of Directors Of Its Subsidiary Banco Santander (Mexico) S.A. (2013/11/27)|
|Grupo Financiero Santander Mexico Announces that it has Concluded the Sale of its Shares in the Capital of Gestion Santander ()|
|Grupo Financiero Santander Mexico Announces Approval of Capital Optimization Program (2013/12/13)|
|Grupo Financiero Santander Mexico Reports Second Quarter 2013 Net Income of Ps.4,143 Million (2013/7/30)|
|Grupo Financiero Santander Mexico Reports Fourth Quarter 2013 Net Income of Ps.6,134 Million (2014/1/30)|
|Grupo Financiero Santander Mexico Reports Third Quarter 2013 Net Income of Ps.5,882 Million (2013/10/28)|
|Grupo Financiero Santander Mexico Will Hold its 3Q13 Earnings Conference Call on Tuesday, October 29, 2013 ()|
|Grupo Financiero Santander Mexico Will Hold Its Fourth Quarter And Full-Year 2013 Earnings Conference Call On Friday, January 31, 2014 (2014/1/16)|
|Praxair Improves Operational Efficiencies with Acquisition of Messer Group Industrial Gases Business in Italy and Divestiture in France (2014/3/12)|
|Start Premium Trial||Register For Free|
|P||F||Fund Financial Data (13,000+ funds)|
|P||F||Stock Financial Data (7,000+ stocks)|
|P||F||Stock and Fund Screeners (basic)|
|P||F||Investing Articles and Market Commentary|
|P||F||Articles Archive (>30 days)|
|P||F||Discuss (dozens of stock, fund, bond, and general bulletin boards)|
|P||F||Portfolio Manager (basic)|
|P||F||Morningstar Investment Classroom|
|P||F||Access Your Portfolio Anytime, Anywhere via Your Mobile Device|
|P||Morningstar Fund Analyst Reports (full research on 1,700 funds, ETFs, and CEFs)|
|P||Morningstar Stock Analyst Reports (full research on more than 1,100 stocks)|
|P||Portfolio Manager (advanced with 10 X-Ray analyses, including recommendations)|
|P||Portfolio Monitor (monthly and on-demand personalized portfolio statements)|
|P||Morningstar Proprietary Stock Information (stock star ratings, buy/sell prices, economic moat ratings, and more)|
|P||Morningstar 5-Star Stock and Fund Favorites & Red Flags eNewsletters|
|P||Premium Stock and Fund Screeners (advanced with nearly infinite ways to find the best securities for you)|
|P||Discounts on Morningstar newsletters, books, seminars, and more|
Access these features and more when you sign up for Free Membership.
Join Morningstar today. It's Free.
Access these features and more when you sign up for Premium Membership.
Start your free 14-day trial today online
Your subscription may be tax deductible. Please contact your tax advisor.