Banco Invex absorbs credit card issuer Spira

- Thursday, August 2, 2007

Banco Invex absorbs credit card issuer Spira

Mexican bank Banco Invex has absorbed credit card issuer Spira de México, the bank's parent Grupo Financiero Invex told the Mexico City stock exchange in a filing.

The merger comes after Invex acquired in June the 50% of Spira it did not already own from foreign investors, the filing said.

With the operation, Invex strengthens its consumer lending business, according to the filing.

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The group said Mexico's finance ministry SHCP authorized Banco Invex to merge with Spira.

With 14.5bn pesos (US$1.34bn) in assets at end-2006, Grupo Financiero Invex was Mexico's 14th largest financial services group.

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