Dutch ING still wants to acquire Mexico's Bital

Emerging Markets Economy, Apr 8, 2003

Diane Bernez, the spokesman of ING Americas, assured yesterday in an interview with Grupo Reforma, that the Dutch group ING continue with its decision of contributing with US$200 million in capital to the Financial Group Bital (GFBital) to obtain 17.5% of the bank stocks.

Last March ING announced his commitment to contribute these resources to the Mexican financial group that faces a difficult financial situation, they promise to give the resources before the third quarter of 2002. The operation is already delayed.

According to Grupo Reforma, ING has 49% of the business of Bital's Bancaseguros (Bank Insurances), in the 2000 it bought Afore Bital and last year it also acquired Seguros Comercial America. At the moment it has 21% of the Mexican market of life and health insurance and 33% of the insurances by damages to property and accidents. Bital needs around US$760 million to capitalize itself and to be able to continue operating.

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)