MEXICO CITY, May 5, 2016 /PRNewswire/ -- Grupo Financiero Santander México, S.A.B. de C.V. (BMV: SANMEX; NYSE: BSMX) ("Santander México" or the "Group") one of the leading financial groups in Mexico announced that its subsidiary, Banco Santander (México), S.A. Institución de Banca Múltiple, Grupo Financiero Santander México ("Banco Santander México" or the "Bank") has been designated a Level III - Domestic Systemically Important Financial Institution by the Mexican National Banking and Securities Commission ("CNBV").
This designation requires that Banco Santander México maintain a capital buffer of 1.20%, in addition to a regulatory capitalization ratio of 10.5%. This capital buffer can be built progressively over a maximum period of four years, and the Bank's minimum capitalization ratio should amount to 11.7% by the end of 2019.
While the CNBV allows for the progressive fulfillment of the capital buffer requirement, Banco Santander México reported a capitalization ratio of 15.4% as of March 31, 2016, thus already complies with this new regulatory requirement.
About Grupo Financiero Santander México
Grupo Financiero Santander México, S.A.B. de C.V. (Santander México), 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 México 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 March 31, 2016, Santander México had total assets of Ps.1,233 billion under Mexican Banking GAAP and more than 12 million customers. Headquartered in Mexico City, the Company operates 1,079 branches and 307 offices nationwide and has a total of 17,203 employees.
Cautionary Statement on Forward-Looking Statements
This press release contains forward-looking statements. The forward-looking statements contained herein include, without limitation, statements about Banco Santander (México) subsidiary of Grupo Financiero Santander México's intent, belief, targets or current expectations concerning our future business development and performance and the expected synergies from the acquisition of the consumer loan portfolio from Scotiabank Mexico. 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.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/grupo-financiero-santander-mexico-announces-that-its-subsidiary-banco-santander-mexico-sa-has-been-designated-a-level-iii-domestic-systemically-important-financial-institution-by-the-mexican-national-banking-and-securities-c-300264100.html
SOURCE Grupo Financiero Santander Mexico, S.A.B. de C.V.