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Santander offers $2.9 billion to take control of Mexico business

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Christian Fernsby |
Santander
Acquisition   Mexico accounted for 8 percent of Santander’s earnings last year

Santander made an offer to take full control of its business in Mexico via a deal worth 2.6 billion euros ($2.93 billion).

Mexico, which accounted for 8 percent of Santander’s earnings last year, is a highly profitable market where the bank has set a mid-term target of 19-21 percent for the underlying return on tangible equity ratio.

Santander’s chief financial officer Jose Antonio Garcia told analysts the bank was confident about Mexico’s long-term prospects. “We see this as an opportunity to increase our exposure to Mexico.”


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