ING Groep NV To Sell Mexican Mortgage Business To Santander

Thursday, 13 Jun 2013 08:00pm EDT 

ING Groep NV announced that it has reached an agreement to sell ING Hipotecaria, its mortgage business in Mexico, to Banco Santander (México) S.A. The transaction is part of ING’s earlier announced process to divest its insurance and investment management businesses. ING Hipotecaria is a domestic Mexican mortgage business serving approximately 28,000 customers through its 20 branches, which remained with ING following the divestment of ING’s Latin American pensions, life insurance and investment management operations in 2011. The transaction is not expected to have a material impact on ING Group results. Subject to regulatory approvals, it is expected to close in the second half of 2013. 

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