Holland’s ING Group is in talks with Savia, Mexico’s troubled financial services and technology group, to acquire its controlling interest in Seguros Comercial America, Mexico’s largest insurance company.
ING already has a vested interest in Segcoam through its investments in Savia and its subsidiary companies. It has a 49 percent stake in a joint venture that holds the majority interest in the company, and last year ING paid $555 million to acquire a direct 41.5 percent stake in it.
No further details have been released, but Savia is seeking to bolster its cash position after posting a $315 million net loss last year. One of ING’s announced goals, following its acquisition of ReliaStar and of Aetna’s International and financial units, is further expansion in Latin America.
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