Mexico's Grupo Financiero Ve por Más SA de C.V., known as Grupo Financiero Bx+, said it had signed an agreement to acquire online bank Bankaool SA Institución de Banca Múltiple for an undisclosed amount, according to a July 31 press release.
Grupo Financiero Bx+ said the deal, which is still subject to regulatory approval, is part of its 2020 growth strategy, with the plan to merge Bankaool with Bx+'s Banco Ve por Más SA Institución de Banca Múltiple Grupo Financiero Ve por Más.
The banking group also said it the takeover would consolidate its position in agribusiness, where 20% of Bankaool's credit portfolio lies.
S&P Global Ratings also put the long and short-term counterparty credit ratings of "mxBBB-" and "mxA-3," respectively, of Bankaool on CreditWatch with developing implications after Bx+ announced its intention to buy the bank.
The rating agency said it expects to resolve Bankaool's CreditWatch status once the relevant authorities approve the transaction and determine the final impact of the acquisition on the bank's credit quality.
S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.