Business & Banking

Business & Banking

Mexico

ING Moves into Mexico's Insurance MarketING Group, the Netherlands-based financial services company, agreed to buy a 45.2% stake in Seguros Comercial América from Savia, the troubled Mexican conglomerate. The $791 million purchase increases ING's participation in Comercial América to 86.7%. ING first bought into Comercial América in February 2000, with an option to purchase additional shares by 2003. Comercial América has 18% of Mexico's life and health insurance markets and a 39% share of its property and casualty insurance market. ING also owns 100% of Afore Bital, a pension fund with a 10% market share. Votorantim Expands in North America Brazil's larges

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