MEXICO CITY, Dec 18 (Reuters) - Grupo Financiero Inbursa , the bank unit owned by billionaire Carlos Slim, on Thursday said it agreed to buy the bank division of Wal-Mart de Mexico.
Inbursa said it will pay 1.7 times Walmex bank’s capital at the moment the deal closes.
That would value the deal at about 3.6 billion Mexican pesos ($246.94 million), based on its current capital.
The supermarket chain’s bank unit is focused on credit cards and lending for Walmex customers.
Walmex has been selling non-core assets in Mexico as it seeks to focus on its supermarket business. The company sold its restaurant division earlier this year. ($1 = 14.5787 Mexican pesos) (Reporting by Elinor Comlay)