Lugar de Noticias Haynes and Boone

Haynes and Boone Assists Bank of America in $2.5 Billion Sale of Minority Interest in Mexico
06/15/2010

MEXICO CITY – Haynes and Boone, LLP has successfully assisted Bank of America in the sale of its 24.9 percent stake in Grupo Financiero Santander, S.A.B. de C.V., the Mexican subsidiary of Banco Santander SA, back to the Madrid-based bank for $2.5 billion.

Haynes and Boone participated in the cash sale as Mexican counsel for Bank of America. Mexico City-based Partner Antonio Franck served as the lead attorney on the transaction with assistance from Associate Armando Cuevas.

Originally purchased in 2003, Bank of America sold its stake in the Mexican unit for $900 million more than it paid. The deal marks the lender’s fourth major asset sale this year.

The transaction, which is subject to governmental authorizations, was signed on June 10. The sale is part of internal initiatives intended to shed some of Bank of America’s noncore assets in light of an international regulatory proposal that could penalize banks that hold minority stakes in other institutions. The transaction restores Santander’s ownership to almost 100 percent and constitutes the company’s biggest deal in the region since 2007.

Haynes and Boone, LLP is an international corporate law firm with offices in Texas, New York, California, Washington, D.C., Mexico City and Moscow, providing a full spectrum of legal services. With almost 550 attorneys, Haynes and Boone is ranked among the largest law firms in the nation by The National Law Journal. The firm has been recognized as one of the "Best Corporate Law Firms in America" (Corporate Board Member Magazine, 2001-2009), as one of "The Best 20 Law Firms to Work For" (Vault.com, 2009), and as a Top 100 law firm for both diversity (MultiCultural Law Magazine, 2009) and women (Women 3.0, 2008).