ING Sells Mexican Mortgage Unit to Santander

ING's (NYSE: ING  ) 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 (NYSE: BSMX  ) , the local presence of Spanish financial group Banco Santander (NYSE: SAN  ) . 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.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2491339, ~/Articles/ArticleHandler.aspx, 8/22/2014 5:23:29 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement