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BAML Exits Santander Mexico

Jun 10, 2010

Santander is buying back from Bank of America Merrill Lynch (BAML) a 24.9% stake in Santander Mexico for $2.5bn cash. BAML paid approximately $1.6bn cash for the stake in late 2002 and said it had a book value of $2.7bn at the end of March. The transaction values the Santander Mexico unit at $10bn and the Spanish parent says Mexico’s contribution to group profit will increase...

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The most pressing issue is related to guaranteeing this growth of the system, the savings. We have to guarantee that this growth is followed by better asset managers on the side of the Afores.

Carlos Ramírez, Mexico’s pension regulator, Consar


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