Published On: Fri, Dec 19th, 2014

Carlos Slim enters the aisles of Walmart

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Grupo Financiero Inbursa , the Mexican bank unit owned by billionaire Carlos Slim, agreed to buy “Banco Walmart”, the bank division of Wal-Mart de México.

Inbursa said it will pay 1.7 times Walmex bank’s capital at the moment the deal closes.

That would value the deal at about 3.6 billion Mexican pesos (US$246.94 million), based on its current capital.

The supermarket chain’s bank unit is focused on credit cards and lending for Walmex customers.

Currently, Banco Walmart has more than 1.5 million clients, granting them credit for more than 5 billion pesos and a capital of nearly 2.2 billion pesos.

Banco Walmart

Slim’s Inbursa to buy Walmex bank business (Photo: Google)

Walmex has been selling non-core assets in Mexico as it seeks to focus on its supermarket business. The company sold its restaurant division earlier this year.

The transaction is subject to the approval of authorities.

Source: eluniversal.com

 

 

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