MEXICO CITY, Nov. 25, 2014 /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 reached an agreement to acquire a consumer loan portfolio of approximately Ps.4,100 million from Scotiabank Inverlat S.A., Institucion de Banca Multiple, Grupo Financiero Scotiabank Inverlat ("Scotiabank").
This loan portfolio is expected to further expand Banco Santander Mexico's core portfolio and market share in the personal loans segment by approximately 300 bps while maintaining our credit quality standards.
Marcos Martínez, Santander Mexico's Executive President and CEO, commented, "We are very pleased to have reached an agreement to acquire this portion of Scotiabank's consumer loan book, which is aligned with our strategy to focus on this highly profitable product. This portfolio further enhances our current client base, as approximately 97% of the clients are in the attractive middle- to high-income segments. We also view this as an excellent opportunity to cross-sell our wide range of products to further drive business growth, as nearly 90% of the portfolio's more than 47,000 clients represent new business opportunities for Santander Mexico."
The transaction is expected to close during the next three months, and is subject to completion of documentation, approval from the Mexican Federal Competition Commission and other customary closing conditions.
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, 2014, Santander Mexico had total assets of Ps.930.4 billion under Mexican Banking GAAP and more than 11.0 million customers. Headquartered in Mexico City, the Company operates 1,042 branches and 257 offices nationwide and has a total of 15,404 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 (Mexico) subsidiary of Grupo Financiero Santander Mexico'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.
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SOURCE Grupo Financiero Santander Mexico, S.A.B. de C.V.