ING, the Netherlands-based insurance and financial services group, revealed plans to increase its investments in Mexico with the announcement that it has signed a memorandum of understanding, subject to negotiating final agreements, with the Mexican financial services company Grupo Financiero Bital (Bital) to acquire 17.5 percent of the group for $200 million.
The move further strengthen ING’s already substantial presence in the Mexican market, and solidifies its working relationship with Bital, one of the leading retail banks in Mexico. ING recently completed the acquisition of Seguros Comercial America, the country’s largest insurer, and Afore Bital, a leading pension fund. It already has a bancassurance link with Bital.
ING indicated that, “The intended investment is part of a capital-raising program by Bital. It is expected that institutional investors and Bital’s current owners will participate in this program. ING anticipates the transaction will be completed in the second quarter of this year.” It also noted that the deal was subject to the requisite regulatory approvals.
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