Mexico: Financiera Independencia Closes Acquisition of Financiera Finsol

Feb 2010
Mexico City, Mexico, February, 19 2010 - Financiera Independencia, S.A.B. de C.V., a Mexican microfinance lender of personal loans to lower income segment individuals, announced today that is has successfully closed the acquisition of all of the outstanding shares of Financiera Finsol, S.A. de C.V. the second largest group lending microfinance institution in Mexico, Finsol Vida S.A. de C.V. Finsol S.A. de C.V.and Instituto Finsol Brazil, announced on November 30, 2009.

Through this acquisition, Independencia increased its loan portfolio by Ps.794.6 million and added 173,179 new clients. The total consideration for the transaction at closing was Ps.530 million.

The acquisition of savings and loans related entity, Financiera Popular Finsol S.A. de C.V., S.F.P. (SOFIPO) is still subject to the approval of the Mexican Comision Nacional Bancaria y de Valores, which is expected to take place during the second quarter of 2010.

Source : PRNewswire

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