BANCO SANTANDER MÉXICO, S.A., INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO SANTANDER MÉXICO Visa Inc. (NYSE:V) entered into a definitive agreement to acquire an unknown majority stake in Promoción y Operación, SA de CV from Banco Santander and another on December 15, 2023. Under the acquisition agreement, Prosa?s existing shareholders including Banorte, HSBC Mexico, Invex, Scotiabank Mexico and Banjército will continue to own the remaining portion of the company. The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close during the second half of 2024.
Santander Global Banking acted as financial advisor to Banco Santander Mexico with respect to its position in PROSA.
