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THE HEAD OF MEXICOS DEPOSIT GUARANTEE AGENCY ANNOUNCES SALE OF BANCO SERFIN, 2000-05-08 (photo)

IMAGE number
REU7523797
Image title
THE HEAD OF MEXICOS DEPOSIT GUARANTEE AGENCY ANNOUNCES SALE OF BANCO SERFIN, 2000-05-08 (photo)
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Medium
photograph
Date
2000 AD (C20th AD)
Shooting Date
2000-05-08
Image description

Vicente Corta (R), head of Mexico's deposit guarantee agency the IPAB, announces the sale of Banco Serfin, Mexico's third largest bank to Spanish bank Banco Santander Central Hispano May 8 at a press conference at Serfin's coorporate headquarters. Santander will pay US$1.5 Billion for Serfin, equivalent to 1.59 times its book value. Serfin's sale by the Mexican deposit guarantee agency the IPAB is part of the goverment statergy to cut the bill of bailing out Mexico's banking sector, as many institutions have verged on the brink of collapse since the 1994 peso devaluation. AW/TB

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REUTERS / Bridgeman Images
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