Dutch ING Group will acquire Mexico's Bital 19% for US$200 millions

Emerging Markets Economy, Apr 8, 2003

The Dutch banking institution ING Group was committed to pay US$200 million to acquire the 19.2% of the stocks of the Mexican Financial Group Bital (GFBital). The operation, that has to be approved by the Mexican financial authorities, represents an important advance in the program of capitalization of the group, indicated GFBital.

The transaction also is subject to the note transmission of capital on the part of Bital, for which the bank already initiated managements in order that in September bonds in the international markets by an amount are placed that could promote to the US$250 million. According to Grupo Reforma, the setup agent of the bank notes will be the Credit Suisse First Boston that is also acting as adviser of the capitalization process of Bital financial group.

ING Group is a global financial institution of Dutch origin offering banking, insurance and asset management to over 50 million private, corporate and institutional clients in 65 countries. With a diverse workforce of over 110,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand. (EMEconomy.com)