ING's (ING -1.51%) 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 (BSMX), the local presence of Spanish financial group Banco Santander (SAN 1.20%). 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.
