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Davis Polk Advises Grupo Financiero Santander México on Its Merger with and into Banco Santander (México)
1/31/2018

Davis Polk advised Grupo Financiero Santander México, S.A.B. de C.V. (“Grupo Financiero Santander México”) and Banco Santander (México), S.A., Institución de Banca Múltiple, Grupo Financiero Santander México (“Banco Santander (México)”) on Grupo Financiero Santander México’s merger with and into Banco Santander (México), its principal subsidiary. Shareholders received one share of Banco Santander (México) for each share of Grupo Financiero Santander México held, and Grupo Financiero Santander México ceased to exist as a separate legal entity upon consummation of the merger. In connection with the merger, Banco Santander (México) acquired all of the shares of Grupo Financiero Santander México’s brokerage subsidiary, Casa de Bolsa Santander, S.A. de C.V., Grupo Financiero Santander México (“Casa de Bolsa”). Immediately following the merger, Banco Santander (México) sold all of the shares of Casa de Bolsa acquired by it to a new holding company incorporated in Mexico by Banco Santander, S.A., the indirect controlling shareholder of Banco Santander (México).

Banco Santander (México) is the second-largest bank in Mexico based on total assets, deposits and net income as of June 30, 2017. Banco Santander México provides a wide range of financial and related services, principally in Mexico, including retail and commercial banking and securities underwriting.

The Davis Polk corporate team included partner Nicholas A. Kronfeld and associate Hillary A. Coleman. Partner John D. Paton and associates Omer Harel provided U.S. tax advice. Members of the Davis Polk team are based in the New York and London offices.