Banco Santander Mexico Completes Acquisition Of ING Hipotecaria

(RTTNews) - Grupo Financiero Santander Mexico, S.A.B. de C.V. (BSMX) said Friday that its subsidiary, Banco Santander (Mexico), S.A., Institucion de Banca Multiple, has completed the acquisition of the equity stock of ING Hipotecaria, S.A. de C.V., Sociedad Financiera de Objeto Multiple, Entidad No Regulada, a subsidiary of ING Group.

The deal was announced on June 14.

Upon receipt of all required regulatory approvals and authorizations for the acquisition, Banco Santander Mexico purchased ING Hipotecaria for Ps.541.4 million, or about US$41.4 million, in cash. As of September 30, ING Hipotecaria's loan portfolio totaled Ps.11.9 billion, its customer base exceeded 28,000 clients, and its distribution network consisted of 20 branches throughout Mexico.