Grupo Financiero Santander Mexicano Report Third Quarter Results as Factoring Subsidiaries Commence Merger Procedures.

The finance group Santander Mexicano has today announced a net income of P$677 million for the third quarter of 2000, bringing the total for the nine months ended 30 September 2000 up to P$1,333 million (US$141.1 million).

The above figures include those of Grupo Financiero Serfin (GFS) whose income was incorporated into Santander’s in May 2000. Santander’s net income excluding that from GFS amounted to P$266 million in the third quarter of 2000 and P$816 million for the nine months ended 30 September 2000. These results represented a real increase of 134.8% and 63.7% respectively as compared to the corresponding periods for the previous year.

The combined net income of Santander’s factoring, insurance and bonding subsidiaries was P$14 million for the third quarter, totalling P$33 million for the nine months ended 30 September 2000.

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