Santander Mexico Buys GE’s Mexican Mortgage Unit

GE Capital announced today the signing of an agreement whereby Grupo Financiero Santander Mexico will acquire GE's consumer mortgage business in Mexico, encompassing all of its operations, including its $2 billion consumer mortgage portfolio.

Financial terms were not disclosed and the transaction, which requires customary regulatory approvals, is anticipated to close in the first half of 2011.

Mark Begor, president and CEO of GE Capital's restructuring operations, says the sale is consistent with the company's strategy to exit non-strategic businesses. The deal will also make Grupo Financiero Santander Mexico's second leading provider of mortgages, according to Marcos Mart’nez Gavica, executive president of Grupo Financiero Santander.

SOURCE: GE Capital

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