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BANAMEX AND SITUR ANNOUNCE STRATEGIC ALLIANCE

 MEXICO CITY, April 30 /PRNewswire/ -- Banco Nacional de Mexico S.A. ("Banamex") and Grupo SITUR, S.A. de C.V. ("SITUR"), announced today that they have reached an agreement to establish a strategic alliance between the two institutions.
 As a result of the agreement, Banamex will contribute its tourism- related assets into the alliance in exchange for a participation ranging from 15 percent to 20 percent of SITUR's equity capital. The precise percentage will be determined after the conclusion of studies currently underway.
 The agreement will broaden and redefine each institution's presence in the tourism industry, combining management strengths of both organizations to create greater operating efficiencies by integrating the experience, capabilities and operational infrastructure of the two institutions.
 Banamex's contribution is concentrated in two segments of the tourism industry: hotels, and land for real estate development. In all, there are 13 hotels, ten of which are currently operational, and three soon to begin operation. These hotels are run under the internationally prestigious "Radisson" name in two categories: "Paraiso" for five-star hotels, and "Sierra" for grand tourism hotels. The total number of rooms involved in the transaction is 3,573, of which 2,588 are fully operational and the remaining 1,015 will commence operations this year. The real estate for development amounts to 183 hectares, which are located in different first-class tourist destinations.
 As a result of this agreement, SITUR will consolidate its position as the leader in the Mexican tourism industry, one of the most important areas within the Mexican economy, with a presence in practically all areas, including hotels, time-sharing ventures, tourism developments, marinas and golf courses. SITUR's inventory of hotel property will increase 26 percent to more than 17,000 rooms under operation and construction, and the real estate set aside for tourism development will comprise land in excess of 7,500 hectares.
 This agreement is in line with the strategy of Grupo Financiero Banamex-Accival, S.A. de C.V. (Banacci) to concentrate its efforts in financial intermediation activities in Mexico by transferring the operation of its tourism-related assets to SITUR, while maintaining an important investment in this growing and profitable business area.
 The operation of the hotels will become the responsibility of SITUR during the month of May, and it is anticipated that the transaction shall be concluded on or around June 30.
 -0- 4/30/93
 /CONTACT: Francisco Borja, 52-5-225-6746, or Luis Miguel Rodriguez, 52-5-225-6755, both of Banamex, in Mexico City; or John McInerney of Dewe Rogerson, in New York, 212-688-6840, for Banamex/


CO: Banco Nacional de Mexico S.A.; Grupo SITUR, S.A. de C.V. ST: IN: FIN LEI SU:

GK-LR -- NY060 -- 3244 04/30/93 13:23 EDT
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Publication:PR Newswire
Date:Apr 30, 1993
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