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.
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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.
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