AETNA AND VALORES DE MONTERREY COMPLETE JOINT VENTURE; NEW STRATEGIES FOR MEXICO'S NEW ECONOMIC REALITIES
AETNA AND VALORES DE MONTERREY COMPLETE JOINT VENTURE;
NEW STRATEGIES FOR MEXICO'S NEW ECONOMIC REALITIES
MONTERREY, Mexico, March 4 /PRNewswire/ -- Valores de Monterrey, one of the largest financial services firms in Mexico, today announced that it had completed the sale of minority interests in two of its insurance subsidiaries to Aetna International.
The move is the most recent example of how the Mexican financial services giant is changing to meet demands and opportunities in one of the world's fastest-growing and increasingly competitive economies.
The sale establishes a joint venture between VAMSA, as Valores de Monterrey is known, and Aetna International to develop the operations of the two companies, Seguros de Monterrey, S.A., a multi-line insurer, and Fianzas Monterrey, S.A., a bonding company. Aetna will provide both VAMSA companies with access to technical expertise and product support essential to improved customer service.
Seguros de Monterrey is the leader of Mexico's individual life insurance market (31 percent).
According to VAMSA Director General Ricardo Guajardo, "In the long term, the new alliance will help the two companies increase their respective market shares and position to meet international competition generated by the opening of the Mexican economy."
The Aetna joint venture is another in a series of strategic moves through which VAMSA has emerged as an active financial force in Mexico's liberalized economy.
"Mexico is entering an era of unprecedented growth," Guajardo said. "In order to be competitive and assume an appropriate role in the nation's economic future, VAMSA is expanding its fiscal base while consolidating the operations of various subsidiary businesses -- including leasing, factoring, brokerage, foreign exchange and warehousing -- under the newly formed Bancomer Financial Group umbrella."
In October 1991, VAMSA acquired Mexico's largest retail -- and second-largest overall -- bank, Bancomer, from the government for US$2,800 million. Bancomer's 1991 earnings were US$1,200 million. Its assets of US$18,500 million account for approximately 28 percent of Mexico's total banking assets.
VAMSA shareholders also control Fomento Economico Mexicano, S.A. (FEMSA), a beverage and packaging group with assets of US$2,600 million.
/CONTACT: Luis Infante of Navarro y Asociados (Mexico City), 525-511-8857, or 525-511-3641, for Valores de Monterrey/ CO: Valores de Monterrey; Aetna International ST: IN: FIN SU: TNM AH-CK -- NY055 -- 4958 03/04/92 12:26 EST