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Gentera B de C : 30-06-2020 GENTERA announces that it formalized the sale of Pagos Intermex S.A. de C.V.
|06/30/2020 | 09:09pm|
GENTERA announces that it formalized the sale of
Pagos Intermex S.A. de C.V.
Mexico City, June 30, 2020.- GENTERA, S.A.B. de C.V. ("GENTERA", "Holding" BMV: GENTERA *) announces that, today, it formalized the sale of its family remittances payment business, Pagos Intermex S.A. de C.V ("INTERMEX") to TransNetwork L.L.C. This operation is in line with what GENTERA communicated on December 31, 2019 in which the sale of this subsidiary was reported.
The sale for 100% of INTERMEX's shares was for an amount of $ 241.25 million pesos payable in different instances. This sale includes 27 branches of Banco Compartamos S.A. I.B.M. in which the highest percentage of remittances payments is generated, and the assets and team (structure) required for its proper operation and more than 2,600 correspondent agents.
During the time that INTERMEX was part of GENTERA, it increased the value offer for GENTERA's clients and brought it the capability to operate and grow the number of branches and incorporate a network of correspondents that expanded its presence throughout Mexico, and helped Banco Compartamos S.A. I.B.M. to expand its branch network and bring financial products and services with quality and warmth to its 2.6 million clients, contributing to strengthening its market position.
This operation is aligned with Gentera's strategy to focus its efforts on the financial products and services offered by the different subsidiaries that are part of the Holding Company.
GENTERA reaffirms its commitment with its clients in helping them to fulfill their dreams through adequate and convenient financial solutions; and in the current context, continuing supporting millions of families to contribute to their well-being and reactivation of economic development, thus building a long-term relationship.
The sale of Pagos Intermex does not have the purpose for disposing assets as a result of the pandemic declaration named Coronavirus (COVID-19) from the World Health Organization (WHO).
About GENTERA and TransNetwork
GENTERA, S.A.B. de C.V. (formerly Compartamos, S.A.B. de C.V.) is a holding company whose primary objective is to promote, organize and manage companies, domestic and international, that are subject to its investment policies. GENTERA was established in 2010 and is headquartered in Mexico. Its shares began trading on the Mexican Stock Exchange on December 24, 2010 under the ticker symbol COMPARC*. On January 2, 2014, the ticker symbol was changed to GENTERA*.
TransNetwork, L.L.C. is a leading Fintech B2B platform in the processing of national and international electronic payments with more than 18 years of experience in the processing and payment of family remittances. TransNetwork has more than 60 thousand payment points throughout Latin America.
Note on Forward-Looking Statements
This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, Company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.
For additional information, please contact:
Enrique Barrera Flores, Investor Relations Officer Brenda García Cárdenas, Investor Relations Telephone: +52 (55) 5276-7379
Gentera SAB de CV published this content on 30 June 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 July 2020 01:08:09 UTC