OREANDA-NEWS. ING announced today it has reached an agreement to sell ING Hipotecaria, its mortgage business in Mexico, to Banco Santander (Mйxico) S.A..

The transaction is part of ING’s earlier announced process to divest its insurance and investment management businesses. ING Hipotecaria is a domestic Mexican mortgage business serving approximately 28,000 customers through its 20 branches, which remained with ING following the divestment of ING’s Latin American pensions, life insurance and investment management operations in 2011. Today’s announcement does not affect ING’s Commercial Banking activities in Mexico.

The transaction announced today is not expected to have a material impact on ING Group results. Subject to regulatory approvals, it is expected to close in the second half of 2013.

Banco Santander (Mexico), one of Mexico’s leading financial services holding companies, provides a wide range of financial and related services, including retail and commercial banking, securities brokerage, financial advisory and other related investment activities.