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Grupo Financiero Inbursa, the banking arm of Mexican magnate Carlos Slim, has agreed to buy the banking division of Walmart de México.
Inbursa will pay 1.7 times Banco Walmart's capital at the moment the deal closes, according to a Inbursa release.
The deal would be valued at $3.57bn pesos (US$246mn) based on the bank's 3Q14 book value.
Walmex is Mexico's biggest retailer with over 1.5mn clients and a credit portfolio of over $5bn pesos. Upon completion of the deal, customers will be able to make payments, withdrawals and deposits at any of Walmex's 2100 stores nation-wide, said Inbursa.