News Column

Spain's Banco Popular says OK to buy 25 pct. of Mexico's BX+ is near

June 10, 2014

Madrid, Jun 10 (EFE).- Spain's Banco Popular expects to receive the final approval from Mexican banking regulators in "a few days" to acquire a 25 percent stake in Mexico's BX+, a deal that was announced last December, CEO Angel Ron said Tuesday.

"The process is going well," Ron told reporters after opening Foro Espyme, a conference aimed at helping Spanish and Mexican small- and mid-sized businesses do more business abroad.

Executives are currently looking at the technology "gaps" between the financial institutions and expect to have solutions in place this summer, Ron said.

A Banco Popular team is in Mexico to discuss strategies in a number of areas, including technology and personnel, the CEO said.

"We expect to be there as of the second half of the year to begin the work," Ron said.

The deal calls for Banco Popular to acquire 25 percent of BX+ for 97 million euros ($131 million) and for the Mexican bank's biggest shareholders, the Del Valle family, and other Mexican business executives to acquire a 6 percent interest in the Spanish bank for 450 million euros ($609.3 million).

Banco Popular approved adding Mexican billionaire banker and industrialist Antonio del Valle Ruiz to its board of directors in April.

Del Valle represents the interests of Mexico's Grupo Financiero BX+ on the Spanish bank's board.

"Today, all the ones that are here have international projects and it's going well for them," Ron said in response to a question about which types of small- and mid-sized Spanish businesses had the best chances to succeed in doing business in Mexico.

Mexican Economy Secretary Ildefonso Guajardo, Secretary of State for Trade and Spanish Foreign Trade Institute chairman Jaime Garcia-Legaz and Spanish Confederation of Small and Medium Enterprises, or Cepyme, president Jesus Terciado also attended the conference. EFE


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Source: EFE Ingles

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