ING expands South American presence
NETHERLANDS/MEXICO – ING Group has signed an agreement to acquire a controlling interest in Mexico’s largest insurance company Seguros Comercial America (SCA) from the Savia group at a price of $791m (e931m).
The acquisition boosts ING’s stake in SCA from 42% to 87% and the group says it reflects its strategy of strengthening its presence in the rapidly growing financial services markets in Latin America.
Ewald Kist, chairman of the executive board of ING Group, comments: “This acquisition elevates ING to the top tier of financial services organisations in Mexico.
“ We view Mexico as a very attractive market with considerable growth potential.”
In addition to the SCA deal, ING also operates a bancassurance venture in Mexico with Banco Bital and owns Afore Bital, one of Mexico’s fastest growing pension funds.