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Gentera to acquire minority stake in Mexican lender

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Gentera to acquire minority stake in Mexican lender

Mexico's Gentera SAB de CV said it has agreed to acquire a minority interest in ConCrédito, a local multipurpose financial institution comprised of Fin Útil SA de CV SOFOM ENR and Comfu SA de CV.

The deal, worth about 2.61 billion Mexican pesos, involves the purchase of a 36.8% stake in ConCrédito and 500 million pesos in convertible debt, according to a Dec. 21 statement. The deal remains subject to regulatory approvals.

ConCrédito has operations in more than 20 Mexican states and specializes in consumer credit operations. The transaction will not result in any changes to the firm's management.

As of Dec. 21, US$1 was equivalent to 19.40 Mexican pesos.