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Santander pays BOA £1.7bn for Mexican unit

Firm will acquire 24.9 per cent stake in Santander Mexico

09 June 2010

Banco Santander will buy back its 24.9 per cent stake in Santander Mexico after successfully negotiating a £1.7 billion deal with Bank of America (BOA).

The firm will own 99.9 per cent of the Mexican unit following the deal, which is expected to be completed within 90 days.

In 2003, Santander sold its stake to BOA for $1.6 billion (£1.1 billion), valuing the bank at $6.4 billion, while the current transaction values the Mexican unit at $10 billion.

The move will expand the bank's presence in Mexico, a country which is expected to experience vast economic growth in the future.

"This acquisition reinforces Santander's commitment to Mexico, a country with a very positive outlook for growth, and furthers the geographic diversification of our group," Santander chairman Emilio Botin said in the statement.

Santander Mexico currently employs 12,400 employees across its 1,095 branches, serving 8.8 million customers.

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