Davis Polk is advising Grupo Financiero Santander México, S.A.B. de C.V. in connection with the Ps.643 million acquisition by its subsidiary, Banco Santander (México), S.A., Institución de Banca Múltiple, of ING Hipotecaria, S.A. de C.V., Sociedad Financiera de Objeto Múltiple, Entidad No Regulada, a subsidiary of ING Group. The transaction, which is subject to customary regulatory approvals, is expected to close in the second half of 2013.
Santander México provides a wide range of financial and related services, including retail and commercial banking, securities brokerage, financial advisory and other related investment activities. ING Hipotecaria provides mortgage-related products and services to more than 28,000 clients and operates 20 branches throughout Mexico. As of March 31, 2013, ING Hipotecaria’s loan portfolio totaled Ps.12.3 billion.
The Davis Polk corporate team includes partner Marc O. Williams and associates Michelle B. Galdos and Alice Z. Chen. Partner Michael Mollerus and associate Avinash Venkatesh are providing tax advice. Associates Matthew J. Bacal and Pritesh P. Shah are providing intellectual property advice. Associate Andrew Blau is providing executive compensation advice. All members of the Davis Polk team are based in the New York office.
