Shareholders of Grupo Financiero Santander Mexico SAB de CV and Banco Santander (México) SA Institución de Banca Múltiple approved the merger of both entities into one, with the bank as the surviving entity, according to a Dec. 8 regulatory filing.
After the merger is effective, shareholders of the group will become shareholders of the bank.
The entities' shareholders also approved the payment of a cash dividend worth about 6.63 billion Mexican pesos. Of the amount, about 4.68 billion pesos will be paid Dec. 27 while the remaining 1.95 billion pesos will be paid by no later than Jan. 31, 2018.
As of Dec. 7, US$1 was equivalent to 18.93 Mexican pesos.