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BULLETIN: Bank of America Corp. to Acquire Stake in Grupo Financiero Santander Serfin Dec 02
Standard & Poors, Dec 2002
Abstract
Bank of America Corp. (BoA; A+/Stable/A-1) has signed a definitive agreement to acquire a 24.9% stake in Banco Santander Central Hispano S.A.'s Mexican subsidiary, Grupo Financiero Santander Serfin. The $1.6 billion equity investment by BoA will be from the holding company and will mostly be financed from operating cash flows. The impact on BoA's financial position is not material, as it represents less than 5% of tangible equity. In taking a minority stake in Grupo Financiero Santander Serfin, BoA is departing from its historical merger and acquisition strategy, in which it takes complete control of any company that it acquires. Standard & Poor's expects BoA to revert to its standard operating procedure in future acquisitions....
Companies mentioned in this report are: Bank of America Corp.,Banco Santander S.A.
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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