Bital Explained

Grupo Financiero Bital SA was Mexico's fifth-largest bank.

History

Bital was first known as Banco del Atlantico during the 1980s and later was changed to Bital. It was the last Mexican bank^[1] whose balance sheet was still struggling from the 1995 Mexican peso crisis.

In 2002, HSBC Holdings PLC agreed to acquire Bital at an agreed price of $1.20 a share, thus Bital was valued at $1.14 Billion.^[2]

Notes and References

1. Web site: HSBC Buying Fifth-Largest Bank in Mexico for $1.1 Billion . NY Times . 25 June 2018.
2. Web site: HSBC to Buy Mexico's Bital In Deal Valued at $1.14 Billion . The Wall Street Journal . 25 June 2018.