Mexico's Inbursa sells 49.9% stake in STM Financial to Stellantis subsidiary

MEXICO CITY (Reuters) - Mexican bank Grupo Financiero Inbursa said it will sell a 49.9% stake in its automotive finance unit STM Financial to Fidis, a subsidiary of car manufacturer Stellantis.

WHY IT'S IMPORTANT

Inbursa, owned by Mexican tycoon Carlos Slim, aims to consolidate its automotive financing business through the deal, allowing Fidis to expand its financial services in the Mexican market.

KEY QUOTES

Jorge Gutierrez, retail banking director at Inbursa, said the bank's strength and experience in financial services, combined with the prestige of Stellantis, will allow the companies to improve their services.

"We believe this acquisition will enable Stellantis to compete more effectively and offer our customers bespoke products in this important market," said Philippe de Rovira, executive vice president of Stellantis, in a statement on Tuesday.

WHAT'S NEXT

The partnership between Inbursa and Stellantis through the stake sale is still pending regulatory approval.

(Reporting by Raul Cortes and Aida Pelaez-Fernandez; Editing by Nia Williams)

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