31st Mar 2006 16:30
HSBC Holdings PLC31 March 2006 HSBC TO ACQUIRE STAKE IN CONSUMER LENDER IN MEXICO HSBC is to acquire a 19.99 per cent stake in Financiera Independencia, S.A. deC.V. and its affiliate Serfincor, S.A. de C.V. Financiera Independencia is one of Mexico's leading companies in the sub-primeconsumer loans market. Under agreements signed today, Grupo Financiero HSBC, S.A. de C.V.'s affiliate,HSBC Overseas Holdings (UK) Limited, will subscribe MXN700 million (US$65 million) for the stake. The transaction is subject to a number of conditions, including regulatory approval. Financiera Independencia was founded in 1993 and is a highly successful nicheplayer in the sub-prime consumer loans market. Headquartered in Mexico City, itopened its first branch in Toluca, 60km west of Mexico City, and at the end ofDecember 2005 had 120 offices in 69 cities throughout Mexico. Sandy Flockhart, chief executive officer of Grupo Financiero HSBC, said: "Thisinvestment aligns us with one of the country's leading companies in the consumerloans market. It will enable us to pool our experience in developing newproducts, and better serve our customers in this sector. Strategically itpositions both organisations to work together in developing this importanteconomic segment." Notes to editors:1. Grupo Financiero HSBC, S.A. de C.V.Grupo Financiero HSBC is one of the five largest banking and financial servicesinstitutions in Mexico, with 1,400 branches, more than 4,800 ATMs and 22,000employees. HSBC in Mexico offers its six million customers a full range ofcorporate and commercial banking, as well as personal and consumer financialservices. HSBC Bank Mexico is a subsidiary of HSBC Holdings plc. 2. HSBC Holdings plcHSBC Holdings plc serves over 125 million customers worldwide through some 9,500 offices in 76 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$1,502 billion at 31 December 2005, HSBC is one of the world's largest banking and financial services organisations. HSBC is marketed worldwide as 'the world's local bank'. 3. Financiera Independencia, S.A. de C.V.Financiera Independencia was founded in 1993, opening its first branch inToluca, 60km west of Mexico City. The company operates in 69 cities throughoutthe country and, at 31 December 2005, had 120 offices and over 4,400 employeesserving more than 415,000 customers in the sub-prime consumer loans market.Financiera Independencia was one of the fastest growing Mexican financialcompanies in 2004 in terms of asset growth and return on equity. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
HSBC Holdings