BAML Exits Santander Mexico

BAML Exits Santander Mexico

Mexico M&A

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 by 2 percentage points, to 7%. The group made EUR8.9bn in profit last year. “This acquisition reinforces Santan

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