Banco Santander (Mexico) has struck a deal to acquire a consumer loan portfolio valued at MXN4.10bn ($300m) from Scotiabank’s Mexican arm.
The move is projected to expand Santander Mexico’s core portfolio and market share in the personal loans segment by around 300bps while maintaining its credit quality standards.
Go deeper with GlobalData
Marcos Martínez, executive president and CEO of Santander Mexico, said that the portfolio will drive the bank’s existing client base, as about 97% of the clients fall in the middle- to high-income segments.
"We also view this as an excellent opportunity to cross-sell our wide range of products to further drive business growth, as nearly 90% of the portfolio’s more than 47,000 clients represent new business opportunities for Santander Mexico," added Martínez.
The transaction, subject to completion of documentation, Mexican Federal Competition Commission approval and other customary closing conditions, is scheduled to be completed during the next three months.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
