Bital Buys Atlantico and Sureste Banks

Grupo Financiero Bital, Mexico’s fifth-largest banking company, agreed to buy two banks from Grupo Financiero GBM-Atlantico for $37 million. Bital bought Banco Atlantico, the nation’s eighth-largest bank, and Banco del Sureste. After the transaction is complete, Bital will have assets of $13.7 billion, the National Banking and Securities Commission said in a statement. That increase would make Bital Mexico’s fourth-largest banking company behind Banco Nacional de Mexico, Bancomer and Banca Serfin. “This transaction is sure to strengthen the Mexican financial sector,” said Winston Lacayo, a director with SBC Warburg Dillon Read, which advised both companies in the deal. As Mexico’s economy has recovered from recession in 1995 and 1996, Bital has focused more effort and resources on boosting its retail banking operations.