Monterrey, MX, August 20, 2006 – LAWFUEL – Legal News Network – Baker & McKenzie Abogados, S.C. advised Comerica Incorporated (NYSE:CMA) on the sale of Comerica Bank México, S.A. Institución de Banca Múltiple, to Monex Grupo Financiero, S.A. de C.V. (“Monex”), a private investment firm.
The sale was completed on August 15, 2006 upon receipt of regulatory approval. Comerica determined that they can serve the Mexican market more efficiently and effectively by focusing dollar-based activities through their established representative office in Monterrey. Comerica will therefore continue servicing their clients in Mexico after the transaction, as they have done so during the past 30 years.
Baker & McKenzie’s team in this transaction was led by partners Andres Ochoa-Bünsow and Jorge García-Garza (Monterrey), and associate Valeria Chapa-Garza.
Comerica is a financial services company headquartered in Detroit, strategically aligned into three major business segments: the Business Bank, the Retail Bank, and Wealth & Institutional Management, with total assets of $57.1 billion at June 30, 2006. Monex is a financial group with a leading position in the Mexican foreign exchange market, headquartered in Mexico City and led by Héctor Lagos Dondé.
Bernardo Martínez-Negrete (Galicia y Robles) and Jacobo Martínez Flores (General Counsel) represented Monex.