BBVA Bancomer in talks to buy Facileasing

Thursday, April 14, 2011

Mexican leasing company Facileasing announced in a note to stock exchange BMV that its shareholders have signed a preliminary agreement to sell the company to the country's largest bank, BBVA Bancomer.

According to documents available from Facileasing's website, as of end-2010 the company had 1.19bn pesos (US$101mn) in assets.

Due to a significant rise in costs, it closed 2010 with just 100,000 pesos in earnings, down sharply from the 9.26mn pesos it earned the previous year.

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According to Facileasing's note to the BMV, should the deal go through, the publicly traded company would be purchased by Apoyo Mercantil - a Bancomer subsidiary - and result in "an entity that is the market leader in vehicle leasing and fleet administration."

The note added that the sale is still under negotiation and subject to various conditions that it did not specify.