Prudential's Mexican Subsidiary To Purchase Competitor
July 12, 2002
The Mexican subsidiary of Prudential Financial has agreed to buy another Mexican financial services company in an effort to fortify its Mexican business.
Prudential Apolo Operadora de Sociedades de Inversion will purchase 100% of the fund management company Operadora Finamex, Prudential announced last week.
Operadora Finamex, with $269 million in assets under management, is Mexico's 19th largest fund complex. Prudential intends to consolidate the firm with Prudential Apolo, Mexico's second-largest management firm with $731 million in assets under management. The deal is expected to close during the third quarter.
Prudential Apolo President Manuel Somoza said in a statement that the acquisition is intended to "provide Prudential Apolo with further leverage to build our customer base and have a more visible market presence."
Finamex has more than 5,000 customers, while Prudiential Apolo's client base consists of more than 32,000, Prudential said.