Banco Santander Buys Back Stake in Mexico Subsidiary From BofA
Back in 2003, Banco Santander sold the stake in Santander Mexico to Bank of America for $1.6 billion. Seven years later, Santander, the third-largest financial institution in Mexico based on lending and deposit volume, is paying 56% more to get it back.
"This acquisition reinforces Santander's commitment to Mexico, a country with a very positive outlook for growth, and furthers the geographic diversification of our Group," said Banco Santander Chairman Emilio Botin (pictured) in a statement.
The deal, which is expected to close within the next 90 days, is expected to bring the bank's ownership in Santander Mexico up to 99%.