MEXICO CITY—Grupo Financiero Santander Mexico said Tuesday it has agreed to buy a consumer loan portfolio valued at 4.10 billion pesos ($300 million) from the Mexican unit of Scotiabank, with the aim of increasing its market share in personal loans.
Santander Mexico said in a release that about 90% of the more than 47,000 clients in the portfolio represent new business opportunities for the bank, a unit of Spain’s Banco Santander. SAN.MC -0.45% Nearly all of the clients in the portfolio are considered middle- to high-income.
Santander, one of Mexico’s largest commercial banks with assets of about $68 billion and more than 11 million customers, hopes to close the deal within the next three months.
Scotiabank’s Mexican unit said it would continue with its plans to expand in different credit segments, and that it is going ahead with its 3.6 billion-peso investment plan, which includes the acquisition of new technology and systems.
Scotiabank said it “reiterates its commitment with the country and its confidence in Mexico’s short-term and long-term growth prospects.”