Banco Santander (México) SA Institución de Banca Múltiple said its shareholders approved, at a Feb. 21 meeting, the creation of a fund for up to 12.80 billion Mexican pesos worth of share repurchases.

The move follows a merger between Banco Santander México and Grupo Financiero Santander Mexico SAB de CV aimed at complying with guidelines set by the European Central Bank.

Banco Santander México is a unit of Spain's Banco Santander SA.

As of Feb. 22, US$1 was equivalent to 18.65 Mexican pesos.