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Mexico's Gentera completes purchase of ConCrédito stake

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Mexico's Gentera completes purchase of ConCrédito stake

Mexico's Gentera SAB de CV has confirmed its purchase of a minority stake in ConCrédito, a local multipurpose financial institution comprised of Fin Útil SA de CV SOFOM ENR and Comfu SA de CV, after receiving regulatory approval for the deal.

According to a June 13 statement, the transaction is worth about 2.59 billion pesos, involves the purchase of a 36.8% stake in ConCrédito and 500 million pesos in convertible debt. Mexico's antitrust watchdog Cofece approved the deal.

ConCrédito has operations in more than 20 Mexican states and specializes in consumer credit operations.

As of June 13, US$1 was equivalent to 20.63 Mexican pesos.