Dutch financial conglomerate ING has reached an agreement to sell its Mexican mortgage business Hipotecaria to Banco Santander (Mexico), for an undisclosed sum.
ING said that the sale is part of its divestment program, including insurance and investment management businesses, to shore up the required capital ahead of implementation of new capital rules and to pay back to creditors.
Servicing nearly 28,000 customers through 20 branches, ING Hipotecaria continued to operate even after the sale of the company’s Latin American pensions, life insurance and investment management operations in 2011.
The latest transaction, which is likely to conclude during the second half of 2013 following regulatory approvals, will not hamper ING’s Commercial Banking activities in Mexico.
Banco Santander (México) offers various financial and related services, such as retail and commercial banking, securities brokerage, financial advisory and other related investment activities.
ING provides banking, investments, life insurance and retirement services, with operations mostly concentrated in China, Hong Kong, India, Japan, Malaysia, South Korea and Thailand.