ING Sells Mexican Mortgage Unit to Santander
ING's Latin American operations will soon be one division lighter. The company announced it reached an agreement to sell its mortgage business in Mexico to Grupo Financiero Santander Mexico , the local presence of Spanish financial group Banco Santander . The price was 643 million pesos ($51 million), according to Mexico City newspaper La Cronica de Hoy.
In the press release announcing the ING Hipotecaria deal, its parent company said the sale was part of a "process to divest its insurance and investment management businesses."
The unit is a mortgage business with 20 branches throughout the country. It services roughly 28,000 clients.
ING said that the deal was not expected to have a material impact on its results. It is subject to regulatory approval by the relevant authorities, and is expected to close in the second half of this year.
The article ING Sells Mexican Mortgage Unit to Santander originally appeared on Fool.com.Fool contributor Eric Volkman has no position in any stocks mentioned, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.