Last week the financial company Grupo Financiero Santander agreed to purchase GE Capital's $2 billion mortgage business in Mexico according to a BusinessWeek article. Santander will acquire the business for $162 million plus the assumption of debt in a deal that's expected to close next year. GE Capital Chief Executive Officer Mark Begor said the sale is in conformity with the company's plan to exit non-core businesses.
Santander had about 34 billion pesos in home loans at the end of October, putting it fifth in Mexico behind BBVA Bancomer SA, Grupo Financiero Banorte SAB, Citigroup Inc.’s Banamex unit and Bank of Nova Scotia, according to government data. "There's some well-known pieces of GE Capital that will be disposition candidates or run-off candidates," said Jeff Immelt, GE's Chairman and chief executive, at an investor meeting this month.
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