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.