Why Shares of Banco Santander Mexico Are Surging Today
Shares of Banco Santander Mexico (NYSE: BSMX) rose as much as 21% this morning after the bank's controlling shareholder, the Spanish lender Banco Santander (NYSE: SAN), announced that it intends to purchase all remaining shares of its Mexico subsidiary that it doesn't already own.
Banco Santander Mexico has total assets equivalent to $90.3 billion and more than 18.7 million clients. The company is based in Mexico City and runs 1,350 branches with a total of 21,422 employees.
Banco Santander intends to purchase the remaining 8.3 million shares it doesn't already own. After the deal, Santander Mexico would delist from the Mexican Stock Exchange.
Source Fool.com
