Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Bottom-Up

<ul>
<li>Our post mortem of 2019 recommendations shows that we have had some successes; good bull calls were <a href="https://www.smartkarma.com/entities/gentera-sab-de-cv" target="_blank" data-smartkarma-citation="entities:27889:1" rel="noopener">Gentera SAB De CV (GENTERA* MM EQUITY)</a> in Mexico, <a href="https://www.smartkarma.com/entities/unicredit-spa" target="_blank" data-smartkarma-citation="entities:21234:1" rel="noopener">UniCredit SpA (UCG IM)</a> in Italy, <a href="https://www.smartkarma.com/entities/credicorp-ltd" target="_blank" data-smartkarma-citation="entities:25963:1" rel="noopener">Credicorp Ltd (BAP US)</a> in Peru, <a href="https://www.smartkarma.com/entities/xp-inc" target="_blank" data-smartkarma-citation="entities:28619:1" rel="noopener">XP Inc (XP US)</a> in Brazil and, to a lesser degree, <a href="https://www.smartkarma.com/entities/banco-do-brasil-sa" target="_blank" data-smartkarma-citation="entities:24564:1" rel="noopener">Banco Do Brasil Sa (BBAS3 BZ),</a><a href="https://www.smartkarma.com/entities/banco-inter-sa" target="_blank" data-smartkarma-citation="entities:28162:1" rel="noopener">Banco Inter SA (BIDI11 BZ)</a> and <a href="https://www.smartkarma.com/entities/itausa-investimentos-itau-pr" target="_blank" data-smartkarma-citation="entities:24513:1" rel="noopener">Itausa-Investimentos Itau-Pr (ITSA4 BZ)</a>
</li>
<li>On the bearish side, <a href="https://www.smartkarma.com/entities/cielo-sa" target="_blank" data-smartkarma-citation="entities:24750:1" rel="noopener">Cielo SA (CIEL3 BZ)</a> worked well to October 2019 , also <a href="https://www.smartkarma.com/entities/itau-corpbanca" target="_blank" data-smartkarma-citation="entities:27602:1" rel="noopener">Itau CorpBanca (ITAUCORP CI)</a> and, in 4Q 2019, the bear call on <a href="https://www.smartkarma.com/entities/b3-sa-brasil-bolsa-balcao" target="_blank" data-smartkarma-citation="entities:24580:1" rel="noopener">B3 Sa - Brasil Bolsa Balcao (B3SA3 BZ) </a>is bearing fruit</li>
<li>Less successful calls include the bear stances on <a href="https://www.smartkarma.com/entities/grupo-financiero-banorte-o" target="_blank" data-smartkarma-citation="entities:24780:1" rel="noopener">Grupo Financiero Banorte-O (GFNORTEO MM)</a> and <a href="https://www.smartkarma.com/entities/mercadolibre-inc" target="_blank" data-smartkarma-citation="entities:27954:1" rel="noopener">MercadoLibre Inc (MELI US)</a> and the bull positions on <a href="https://www.smartkarma.com/entities/ripley-corp-sa" target="_blank" data-smartkarma-citation="entities:28022:1" rel="noopener">Ripley Corp SA (RIPLEY CI), </a><a href="https://www.smartkarma.com/entities/el-puerto-de-liverpool-sab-de" target="_blank" data-smartkarma-citation="entities:27611:1" rel="noopener">El Puerto de Liverpool SAB de (LIVEPOLC MM)</a> and <a href="https://www.smartkarma.com/entities/banco-santander-chile-a1d94c50-bd10-465a-a389-8383b9836732" target="_blank" data-smartkarma-citation="entities:28621:1" rel="noopener">Banco Santander Chile (BSAC US)</a> </li>
<li>We believe that the rotation into value in 2H 2019 should continue into at least 1Q 2020, benefiting European and Emerging Market banks and financials amongst other sectors</li>
<li>In the value category, for 2020, we continue to like <a href="https://www.smartkarma.com/entities/banco-do-brasil-sa" target="_blank" data-smartkarma-citation="entities:24564:1" rel="noopener">Banco Do Brasil Sa (BBAS3 BZ)</a> , <a href="https://www.smartkarma.com/entities/unicredit-spa" target="_blank" data-smartkarma-citation="entities:21234:1" rel="noopener">UniCredit SpA (UCG IM)</a> and <a href="https://www.smartkarma.com/entities/cielo-sa" target="_blank" data-smartkarma-citation="entities:24750:1" rel="noopener">Cielo SA (CIEL3 BZ)</a> now a bull call since October</li>
<li>In the fintech growth space, we would also highlight <a href="https://www.smartkarma.com/entities/banco-inter-sa" target="_blank" data-smartkarma-citation="entities:28162:1" rel="noopener">Banco Inter SA (BIDI11 BZ)</a> </li>
<li>
<a href="https://www.smartkarma.com/entities/credicorp-ltd" target="_blank" data-smartkarma-citation="entities:25963:1" rel="noopener">Credicorp Ltd (BAP US)</a> has further to go, in our view, and so it remains a positive recommendation for 2020</li>
<li>Names to watch, for any potential catalysts for change, include <a href="https://www.smartkarma.com/entities/grupo-financiero-banorte-o" target="_blank" data-smartkarma-citation="entities:24780:1" rel="noopener">Grupo Financiero Banorte-O (GFNORTEO MM)</a> and <a href="https://www.smartkarma.com/entities/itau-corpbanca" target="_blank" data-smartkarma-citation="entities:27602:1" rel="noopener">Itau CorpBanca (ITAUCORP CI)</a> </li>
<li>Risks include worsening sentiment towards equity markets, and a swing to a more "risk off" investment climate driven by global GDP growth concerns, increased US-China trade tensions and any increase in political tension in Latin America and Southern Europe</li>
</ul>


Our post mortem of 2019 recommendations shows that we have had some successes; good bull calls were Gentera SAB De CV (GENTERA* MM EQUITY) in Mexico, UniCredit SpA (UCG IM) in Italy, Credicorp Ltd (BAP US) in Peru, XP Inc (XP US) in Brazil and, to a lesser degree, Banco Do Brasil Sa (BBAS3 BZ),Banco Inter SA (BIDI11 BZ) and Itausa-Investimentos Itau-Pr (ITSA4 BZ)

On the bearish side, Cielo SA (CIEL3 BZ) worked well to October 2019 , also Itau CorpBanca (ITAUCORP CI) and, in 4Q 2019, the bear call on B3 Sa - Brasil Bolsa Balcao (B3SA3 BZ) is bearing fruit
Less successful calls include the bear stances on Grupo Financiero Banorte-O (GFNORTEO MM) and MercadoLibre Inc (MELI US) and the bull positions on Ripley Corp SA (RIPLEY CI), El Puerto de Liverpool SAB de (LIVEPOLC MM) and Banco Santander Chile (BSAC US) 
We believe that the rotation into value in 2H 2019 should continue into at least 1Q 2020, benefiting European and Emerging Market banks and financials amongst other sectors
In the value category, for 2020, we continue to like Banco Do Brasil Sa (BBAS3 BZ) , UniCredit SpA (UCG IM) and Cielo SA (CIEL3 BZ) now a bull call since October
In the fintech growth space, we would also highlight Banco Inter SA (BIDI11 BZ) 

Credicorp Ltd (BAP US) has further to go, in our view, and so it remains a positive recommendation for 2020
Names to watch, for any potential catalysts for change, include Grupo Financiero Banorte-O (GFNORTEO MM) and Itau CorpBanca (ITAUCORP CI) 
Risks include worsening sentiment towards equity markets, and a swing to a more "risk off" investment climate driven by global GDP growth concerns, increased US-China trade tensions and any increase in political tension in Latin America and Southern Europe


Galliano's Latin Notes 2019 Recommendations in Review, and Initial Thoughts for 2020

Grupo Financiero Banorte SAB d / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/grupo-financiero-banorte-o" target="_blank" data-smartkarma-citation="entities:24780:1" rel="noopener">Grupo Financiero Banorte-O (GFNORTEO MM)</a> hosted a conference call on November 4th to outline the integration of the Interacciones acquisition over the last year, the government lending outlook and Banorte's preliminary estimates for 2020</li>
<li>We believe that management's Mexican GDP growth outlook for 2020 is too optimistic</li>
<li>Our more cautious approach to the 2020 GDP growth outlook implies negative risk to Banorte's mid-to-high single digit loan growth and its forecast of a stable cost of risk</li>
<li>Banorte is also too dovish on Banxico benchmark rate forecasts, in our view; yet benchmark rate cuts would drive management's double digit growth in revenues and profits in 2020, given its liability sensitive balance sheet</li>
<li>We also believe that Banorte has largely extracted, over the last year, the available opex and funding cost synergies from the Interacciones integration in 3Q18</li>
<li>The is all implies downside risk to 2020 street estimates, in our view</li>
<li>Risks to our view are stronger than expected margins, and a more benign credit quality outlook than expected with further opex savings coming through</li>
</ul>



Grupo Financiero Banorte-O (GFNORTEO MM) hosted a conference call on November 4th to outline the integration of the Interacciones acquisition over the last year, the government lending outlook and Banorte's preliminary estimates for 2020
We believe that management's Mexican GDP growth outlook for 2020 is too optimistic
Our more cautious approach to the 2020 GDP growth outlook implies negative risk to Banorte's mid-to-high single digit loan growth and its forecast of a stable cost of risk
Banorte is also too dovish on Banxico benchmark rate forecasts, in our view; yet benchmark rate cuts would drive management's double digit growth in revenues and profits in 2020, given its liability sensitive balance sheet
We also believe that Banorte has largely extracted, over the last year, the available opex and funding cost synergies from the Interacciones integration in 3Q18
The is all implies downside risk to 2020 street estimates, in our view
Risks to our view are stronger than expected margins, and a more benign credit quality outlook than expected with further opex savings coming through


Banorte (GFNORTEO MM); Management's Initial 2020 Guidance Looks Too Optimistic

<ul>
<li>Mexican banks and financials' solid share price performance makes the quest for value a tougher proposition</li>
<li>We stick with our positive recommendation on <a href="https://www.smartkarma.com/entities/gentera-sab-de-cv" target="_blank" data-smartkarma-citation="entities:27889:1" rel="noopener">Gentera SAB De CV (GENTERA* MM EQUITY)</a>, on the back of good fundamentals in 3Q19 and further potential for improving results in Peru as well as in Mexico</li>
<li>We believe that the <a href="https://www.smartkarma.com/entities/grupo-financiero-banorte-o" target="_blank" data-smartkarma-citation="entities:24780:1" rel="noopener">Grupo Financiero Banorte-O (GFNORTEO MM)</a> results for 3Q19 are less impressive than at first look, boosted by trading gains, with the efficiency ratio deteriorating and slowing loan growth; we believe that the peak in returns is well discounted, and we would be inclined to take profits on further share price strength</li>
<li>
<a href="https://www.smartkarma.com/entities/banco-santander-mexico-sa-in" target="_blank" data-smartkarma-citation="entities:27672:1" rel="noopener">Banco Santander Mexico-B (BSMXB MM)</a> now has limited free float; post-tender offer by the parent, it is c 92% owned by the parent <a href="https://www.smartkarma.com/entities/banco-santander-sa" target="_blank" data-smartkarma-citation="entities:21296:1" rel="noopener">Banco Santander Sa (SAN SM)</a> and this lack of liquidity largely explains its discount to Banorte, in our view</li>
<li>Value - as measured by PBV versus ROE consensus forecasts - lies in second tier names; <a href="https://www.smartkarma.com/entities/banco-del-bajio-sa" target="_blank" data-smartkarma-citation="entities:28382:1" rel="noopener">Banco del Bajio SA (BBAJIOO MM)</a>  and, despite it challenges, <a href="https://www.smartkarma.com/entities/credito-real-s-a-b-de-c-v" target="_blank" data-smartkarma-citation="entities:28383:1" rel="noopener">Credito Real, S.A.B. De C.V. (CREAL* MM EQUITY)</a>, stand out</li>
<li>Risks to our thesis are better than expected execution at Banorte, and bigger than expected challenges for Gentera operations in Mexico and Peru</li>
</ul>


Mexican banks and financials' solid share price performance makes the quest for value a tougher proposition
We stick with our positive recommendation on Gentera SAB De CV (GENTERA* MM EQUITY), on the back of good fundamentals in 3Q19 and further potential for improving results in Peru as well as in Mexico
We believe that the Grupo Financiero Banorte-O (GFNORTEO MM) results for 3Q19 are less impressive than at first look, boosted by trading gains, with the efficiency ratio deteriorating and slowing loan growth; we believe that the peak in returns is well discounted, and we would be inclined to take profits on further share price strength

Banco Santander Mexico-B (BSMXB MM) now has limited free float; post-tender offer by the parent, it is c 92% owned by the parent Banco Santander Sa (SAN SM) and this lack of liquidity largely explains its discount to Banorte, in our view
Value - as measured by PBV versus ROE consensus forecasts - lies in second tier names; Banco del Bajio SA (BBAJIOO MM)  and, despite it challenges, Credito Real, S.A.B. De C.V. (CREAL* MM EQUITY), stand out
Risks to our thesis are better than expected execution at Banorte, and bigger than expected challenges for Gentera operations in Mexico and Peru


Mexican Banks - A More Demanding Quest for Value; Take Profits on Banorte

Cross Asset Strategy

<ul>
<li>Carlos Urzua, Mexico's finance minister, resigned yesterday citing many differences of opinion on public policy decisions and discrepancies in economic matters</li>
<li>President Andres Manuel Lopez Obrador (AMLO) stated that Urzua was not embracing the "transformation" by his administration</li>
<li>Urzua has been replaced by his deputy, the under-secretary of finance, Arturo Herrera who is seen as a technocratic (ex-World Bank), relatively safe pair of hands</li>
<li>The gorilla in the room remains Pemex, with its massive debt, and the possible construction of the "AMLO statement" refinery in Tabasco, which Urzua opposed</li>
<li>We fear that Herrera may be less able to re-direct AMLO away from his more populist policies, which points to the risk of an increasingly market-unfriendly Mexico going forward</li>
<li>At the start of the year, we thought that AMLO might be less bad than feared, and government bond prices suggested it was so; we now turn more cautious on Mexico</li>
<li>Although we retain our core positive recommendation in Mexican financials, <a href="https://www.smartkarma.com/entities/gentera-sab-de-cv" target="_blank" data-smartkarma-citation="entities:27889:1" rel="noopener">Gentera SAB De CV (GENTERA* MM EQUITY)</a> ,  we believe that <a href="https://www.smartkarma.com/entities/grupo-financiero-banorte-o" target="_blank" data-smartkarma-citation="entities:24780:1" rel="noopener">Grupo Financiero Banorte-O (GFNORTEO MM)</a> in particular is at risk of further de-rating due to its government lending business</li>
</ul>


Carlos Urzua, Mexico's finance minister, resigned yesterday citing many differences of opinion on public policy decisions and discrepancies in economic matters
President Andres Manuel Lopez Obrador (AMLO) stated that Urzua was not embracing the "transformation" by his administration
Urzua has been replaced by his deputy, the under-secretary of finance, Arturo Herrera who is seen as a technocratic (ex-World Bank), relatively safe pair of hands
The gorilla in the room remains Pemex, with its massive debt, and the possible construction of the "AMLO statement" refinery in Tabasco, which Urzua opposed
We fear that Herrera may be less able to re-direct AMLO away from his more populist policies, which points to the risk of an increasingly market-unfriendly Mexico going forward
At the start of the year, we thought that AMLO might be less bad than feared, and government bond prices suggested it was so; we now turn more cautious on Mexico
Although we retain our core positive recommendation in Mexican financials, Gentera SAB De CV (GENTERA* MM EQUITY) ,  we believe that Grupo Financiero Banorte-O (GFNORTEO MM) in particular is at risk of further de-rating due to its government lending business


Mexican Finance Minister Resigns - Policy Risks Rising?

Accelerating Tomorrow’s Independent Research

Boost Research

Boost Research Ltd is an appointed representative of Messels Ltd which is authorised and regulated by the FCA of the UK. 

This document is issued by Boost Research Limited solely for its clients. It may not be reproduced, redistributed or passed to any other person in whole or in part for any purpose without written consent of Boost Research. The material in this document is not intended for distribution or use outside the United Kingdom. This material is not directed at you if Boost Research is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you.

This document is provided for information purposes only and should not be regarded as an offer, solicitation, invitation, inducement or recommendation relating to the subscription, purchase or sale of any security or other financial instrument.  This document does not constitute, and should not be interpreted as, investment advice.  It is accordingly recommended that you should seek independent advice from a suitably qualified professional advisor before taking any decisions in relation to the investments detailed herein. All expressions of opinions and estimates constitute a judgement and, unless otherwise stated, are those of the author and the research department of Boost Research only, and are subject to change without notice. Boost Research is under no obligation to update the information contained herein. Whilst Boost Research has taken all reasonable care to ensure that the information contained in this document is not untrue or misleading at the time of publication, Boost Research cannot guarantee its accuracy or completeness, and you should not act on it without first independently verifying its contents. This document is not guaranteed to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty either expressed or implied is made, nor responsibility of any kind is accepted, by Boost Research or any of its respective directors, officers, employees or analysts either as to the accuracy or completeness of any information contained in this document nor should it be relied on as such. No liability whatsoever is accepted by Boost Research or any of its respective directors, officers, employees or analysts for any loss, whether direct or consequential, arising whether directly or indirectly as a result of the recipient acting on the content of this document, including, without limitation, lost profits arising from the use of this document or any of its contents.

This document is provided with the understanding that Boost Research is not acting in a fiduciary capacity and it is not a personal recommendation to you. Investing in securities entails risks. Past performance is not necessarily a guide to future performance. The value of and the income produced by products may fluctuate, so that an investor may get back less than he invested. Investments in the entities and/or the securities or other financial instruments referred to are not suitable for all investors and this document should not be relied upon in substitution for the exercise of independent judgment in relation to any such investment. The stated price of any securities mentioned herein will generally be the closing price at the end of any of the three business days immediately prior to the publication date on this document. This stated price is not a representation that any transaction can be effected at this price.

Boost Research and its respective analysts are remunerated for providing investment research to professional investors, corporations, other research institutions and consultancy houses. Boost Research, or its respective directors, officers, employees and clients may have or take positions in the securities or entities mentioned in this document.  Any of these circumstances could create, or be perceived as creating, conflicts of interest. Boost Research’ analysts are not censored in any way and are free to express their personal opinions. As a result, Boost Research may have issued other documents that are inconsistent with and reach different conclusions from, the information contained in this document. Those documents reflect the different assumptions, views and analytical methods of their authors. No director, officer or employee of Boost Research is on the board of directors of any company referenced herein and no one at any such referenced company is on the board of directors of Boost Research.

Messels is authorised and regulated in the United Kingdom by the Financial Conduct Authority for the provision of investment advice. Residents of the United Kingdom should seek specific professional financial and investment advice from a stockbroker, banker, solicitor, accountant or other independent professional adviser authorised pursuant to the Financial Services and Markets Act 2000. This report is intended only for investors who are 'professional clients' as defined by the FCA, and may not, therefore, be redistributed to other classes of investors.

The content of this report is covered by our Policy of Independence which may be viewed at www.messels.com.

 

Analysts’ Certification

The analysts involved in the production of this document hereby certify that the views expressed in this document accurately reflect their personal views about the securities mentioned herein. The analysts point out that they may buy, sell or already have taken positions in the securities, and related financial instruments, mentioned in this document

<ul>
<li>
<a href="https://www.smartkarma.com/entities/21296" target="_blank" data-smartkarma-citation="entities:21296:1">Banco Santander Sa (SAN SM)</a> has announced that it will make an all share, voluntary offer for <a href="https://www.smartkarma.com/entities/27672" target="_blank" data-smartkarma-citation="entities:27672:1">Banco Santander Mexico-B (BSMXB MM)</a> minorities</li>
<li>The offer values the c 25% free float in SanMex at €2.56bn, which implies, at current exchange rates, a premium of 14%</li>
<li>Santander management's rationale for the offer "reflects its confidence in Mexico and its Mexican subsidiary as well as their long term growth potential" and it increases"its capacity to generate capital organically"; this latter point is helpful, given Santander parent's tight core capital ratio</li>
<li>It is also opportunistic by Santander management, in our view; the maximum up-take of the offer implies 3.5% dilution at the parent, and SanMex is cheap on PBV compared to its quoted LatAm sister banks and versus its own history</li>
<li> We see the offer as, at best, fair, but certainly not generous. Still, this offer is positive for investor sentiment towards the Mexican banks and Santander Mexico share price in the very near term; it is also a small positive for Santander parent, in our view</li>
</ul>



Banco Santander Sa (SAN SM) has announced that it will make an all share, voluntary offer for Banco Santander Mexico-B (BSMXB MM) minorities
The offer values the c 25% free float in SanMex at €2.56bn, which implies, at current exchange rates, a premium of 14%
Santander management's rationale for the offer "reflects its confidence in Mexico and its Mexican subsidiary as well as their long term growth potential" and it increases"its capacity to generate capital organically"; this latter point is helpful, given Santander parent's tight core capital ratio
It is also opportunistic by Santander management, in our view; the maximum up-take of the offer implies 3.5% dilution at the parent, and SanMex is cheap on PBV compared to its quoted LatAm sister banks and versus its own history
 We see the offer as, at best, fair, but certainly not generous. Still, this offer is positive for investor sentiment towards the Mexican banks and Santander Mexico share price in the very near term; it is also a small positive for Santander parent, in our view


Santander's All-Share Offer for SanMex; Scooping up Minorities for a Modest Premium

Mexico

Grupo Financiero Banorte S.A.B. de C.V. is a financial institution in Mexico. The Company offers banking services, premium banking, wholesale banking, leasing and factoring, warehousing, insurance, pensions and retirement savings.

Grupo Financiero Banorte SAB d (GFNORTEO MF)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Grupo Financiero Banorte SAB d (GFNORTEO MF)

Galliano's Latin Notes 2019 Recommendations in Review, and Initial Thoughts for 2020

Our post mortem of 2019 recommendations shows that we have had some successes; good bull calls were Gentera SAB De CV (GENTERA* MM EQUITY) in...

Victor Galliano

Banorte (GFNORTEO MM); Management's Initial 2020 Guidance Looks Too Optimistic

Grupo Financiero Banorte-O (GFNORTEO MM) hosted a conference call on November 4th to outline the integration of the Interacciones acquisition...

Victor Galliano

Mexican Banks - A More Demanding Quest for Value; Take Profits on Banorte

Mexican banks and financials' solid share price performance makes the quest for value a tougher proposition We stick with our positive...

Victor Galliano

Mexican Finance Minister Resigns - Policy Risks Rising?

Carlos Urzua, Mexico's finance minister, resigned yesterday citing many differences of opinion on public policy decisions and discrepancies in...

Victor Galliano

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Galliano's Latin Notes 2019 Recommendations in Review, and Initial Thoughts for 2020

Our post mortem of 2019 recommendations shows that we have had some successes; good bull calls were Gentera SAB De CV (GENTERA* MM EQUITY) in...

Victor Galliano

Banorte (GFNORTEO MM); Management's Initial 2020 Guidance Looks Too Optimistic

Grupo Financiero Banorte-O (GFNORTEO MM) hosted a conference call on November 4th to outline the integration of the Interacciones acquisition...

Victor Galliano

Mexican Banks - A More Demanding Quest for Value; Take Profits on Banorte

Mexican banks and financials' solid share price performance makes the quest for value a tougher proposition We stick with our positive...

Victor Galliano

Mexican Finance Minister Resigns - Policy Risks Rising?

Carlos Urzua, Mexico's finance minister, resigned yesterday citing many differences of opinion on public policy decisions and discrepancies in...

Victor Galliano

Santander's All-Share Offer for SanMex; Scooping up Minorities for a Modest Premium

Banco Santander Sa (SAN SM) has announced that it will make an all share, voluntary offer for Banco Santander Mexico-B (BSMXB MM) minorities The...

Boost Research