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Sabadell Mexico acquires majority stake in Sabcapital

Banco Sabadell SA Institucion De Banca Multiple acquired a 49.27% stake in multipurpose financial company Sabcapital SA De CV Sofom E.R. in a bid to better unify the two Mexico-based businesses.

Sabadell Mexico signed a purchase agreement with Spanish parent company Banco de Sabadell SA for purchase, which will raise the Mexican bank's ownership in Sabcapital to 51% from 1.73%, the company said in a news release.

In December 2018, S&P Global Ratings upgraded both Sabadell Mexico and Sabcapital's ratings to "mxA+" from "mxA-" in light of the bank's efforts to diversify its business. The rating agency noted that Sabadell Mexico completed a restructuring in that month.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.