ING Group (ING) Friday said it has agreed to sell ING Hipotecaria, its mortgage business in Mexico, to Banco Santander (México) S.A.
The deal is according to ING's earlier announced process to divest its insurance and investment management businesses. ING Hipotecaria is a domestic Mexican mortgage business serving about 28,000 customers through its 20 branches.
The transaction is not expected to have a material impact on ING Group results. The deal is expected to close in the second half of 2013.
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