Wal-Mart de México, S.A.B. de C.V. (BMV: WALMEX) announces to its shareholders, as well as to the public in general, the sale of Banco Walmart to Banco Inbursa S.A., Institución de Banca Múltiple, Grupo Financiero Inbursa (“Banco Inbursa”) (BMV: BINBUR), as well as a commercial alliance to strengthen the offer of financial products to all its customers.
The agreement includes the sale of 100% of Banco Walmart to said subsidiary of Grupo Financiero Inbursa at a price equivalent to 1.7 times shareholders equity.
Enrique Ostalé, Chairman of the Board of Walmart de Mexico y Centroamérica stated: “At Walmart de México y Centroamérica we strive to continuously improve the value proposition for our customers. We work every day to offer the best prices, the best assortment and the best shopping experience. We are convinced that Inbursa’s dynamism, innovation and service culture will allow for them to complement these with a competitive credit offer at our business formats in order to increase our customers’ purchasing power and drive incremental sales.”
Grupo Financiero Inbursa, S.A.B. de C.V. is one of the leading financial groups in Mexico. It is one of the most diversified Mexican financial groups, holding leadership positions in the different segments in which it operates in Mexico. As of December 31, 2013 Grupo Financiero Inbursa owns the sixth largest bank in Mexico in terms of total assets and in terms of loan portfolio, as well as the fourth insurance company. Banco Inbursa holds the first position in terms of capitalization rate among the leading Mexican banks.
The closing of the transaction is subject to the approval of regulatory authorities and other conditions which are customary for these types of transactions.