I don't think I provide a link so here's the whole darn thing (two articles). You may have already seen this, so if you have please disregard...
April 29, 1999
Dow Jones Newswires
Mexico's GFSerfin 1Q Net MXN78.0M, Up
90%
Dow Jones Newswires
MEXICO CITY -- Grupo Financiero Serfin SA (GFLIY), one of
Mexico's top financial services companies, said it registered its fifth
consecutive quarter with positive earnings results as lower costs improved
core banking operations.
Serfin registered net profit of 78 million pesos ($1=MXN9.2700) in the
first quarter of the year, up 90% from the like 1998 period. The financial
group didn't provide comparative figures.
Its flagship bank unit Banca Serfin posted net profit of MXN96 million in
the first quarter, up from MXN49 million a year ago, the group said in a
brief press release.
Serfin said operating costs fell 14% in the period. Serfin's deposit base
grew 15%, while its non-performing loan portfolio fell by 49% in the same
comparative period.
The ratio of loan-loss reserves to non-performing loans improved to 70%
from 57% a year ago. Serfin's capitalization index stood at 10.5% in the
period.
Serfin has 560 bank branches throughout Mexico and more than
MXN172 billion in assets.
April 30, 1999
Dow Jones Newswires
Mexico's Serfin CEO Denies Plans To Sell
Afore Garante
Dow Jones Newswires
MEXICO CITY -- Mexican financial services company Grupo
Financiero Serfin isn't seeking to sell its majority stake in pension fund
manager Afore Garante, a top Serfin official said Friday.
Chief executive Adolfo Lagos said in a conference call with analysts that
the financial group is "open to opportunities to divest assets that could
maximize shareholder value," but he denied recent media reports that
Serfin is actively looking to sell its 51% stake in Afore Garante to
Citigroup's (C) local banking unit Citibank Mexico.
Afore Garante is backed by Serfin, Chilean pension fund manager Habitat
with a 9% stake and Citibank with the remaining 40%.
Lagos said Afore Garante contributed with 36 million pesos
($1=MXN9.2600) in net income to the financial group during the first
quarter.
Returns on investments made by Afore Garante during 1998 ranked
second among the country's private pension fund managers with a net yield
of 6.6%.
The pension fund manager holds a market share of 11% in terms of
affiliates with about 1.6 million accounts. It is the fifth largest in the country
in terms of market share, according to government statistics.
Grupo Financiero Serfin said Thursday that it posted net income of
MXN78 million in the first quarter, up 90% from the first three months of
1998.
Serfin class A shares trading on the Mexican Stock Exchange were
among top gainers in midday trading Friday, advancing 5.1% or four
centavos to 83 centavos.
Briefing Book for: C
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