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BlackRock to Buy Citi's Asset Management Business in Mexico
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BlackRock (BLK - Free Report) has entered into an agreement with Citibanamex, a subsidiary of Citigroup (C - Free Report) , to acquire its asset management business. The companies do not expect the transaction to have any financial impact on earnings.
The deal involves acquiring nearly $31 billion in assets under management of Citibanamex across local fixed income, equity and multi-asset products. It is expected to close in the second half of 2018, subject to necessary regulatory approvals.
Shares of both the companies have gained more than 2% in the last trading session, reflecting investors’ optimism toward the deal.
“The acquisition of Citibanamex’s asset management capabilities combined with our global investment platform and technology create a stronger franchise that can deliver a more compelling set of investment solutions across client segments in Mexico.” said Armando Senra, head of Latin America and Iberia regions for BlackRock.
Also, upon completion, BlackRock will offer asset management products to Citibanamex clients in Mexico. The transaction is in line with BlackRock’s aim to become a full solutions provider in key global markets.
Per Ernesto Torres Cantu, CEO of Citibanamex, Citigroup remains committed to provide best client experience in Mexico by bringing to them the best of the world. He also said that Citigroup’s association with BlackRock matches the commitment.
The deal has brought together two major companies enabling them to better cater to the client needs through wider range of products and services.
Shares of BlackRock have gained 29.6% year to date, outperforming 26.8% growth of the industry it belongs to.
Some other banking stocks worth considering are First Internet Bancorp (INBK - Free Report) , First Commonwealth Financial Corporation (FCF - Free Report) and Eagle Bancorp (EGBN - Free Report) . All these stocks carry a Zacks Rank of 2.
First Internet Bancorp’s Zacks Consensus Estimate for current-year earnings has been revised slightly upward in the last 60 days. The company’s share price has risen almost 48%, over the past six months.
First Commonwealth Financial’s current-year earnings estimates have been revised 2.5% upward over the last 60 days. Also, its shares have gained 20% in the past six months.
Eagle Bancorp’s Zacks Consensus Estimate for current-year earnings has moved 2.5% up over the last 60 days. In the past six months, its share price has rallied 18.4%.
Investor Alert: Breakthroughs Pending
A medical advance is now at the flashpoint between theory and realization. Billions of dollars in research have poured into it. Companies are already generating substantial revenue, and even more wondrous products are in the pipeline.
Cures for a variety of deadly diseases are in sight, and so are big potential profits for early investors. Zacks names 5 stocks to buy now.
Image: Bigstock
BlackRock to Buy Citi's Asset Management Business in Mexico
BlackRock (BLK - Free Report) has entered into an agreement with Citibanamex, a subsidiary of Citigroup (C - Free Report) , to acquire its asset management business. The companies do not expect the transaction to have any financial impact on earnings.
The deal involves acquiring nearly $31 billion in assets under management of Citibanamex across local fixed income, equity and multi-asset products. It is expected to close in the second half of 2018, subject to necessary regulatory approvals.
Shares of both the companies have gained more than 2% in the last trading session, reflecting investors’ optimism toward the deal.
“The acquisition of Citibanamex’s asset management capabilities combined with our global investment platform and technology create a stronger franchise that can deliver a more compelling set of investment solutions across client segments in Mexico.” said Armando Senra, head of Latin America and Iberia regions for BlackRock.
Also, upon completion, BlackRock will offer asset management products to Citibanamex clients in Mexico. The transaction is in line with BlackRock’s aim to become a full solutions provider in key global markets.
Per Ernesto Torres Cantu, CEO of Citibanamex, Citigroup remains committed to provide best client experience in Mexico by bringing to them the best of the world. He also said that Citigroup’s association with BlackRock matches the commitment.
The deal has brought together two major companies enabling them to better cater to the client needs through wider range of products and services.
Shares of BlackRock have gained 29.6% year to date, outperforming 26.8% growth of the industry it belongs to.
Currently, the stock carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some other banking stocks worth considering are First Internet Bancorp (INBK - Free Report) , First Commonwealth Financial Corporation (FCF - Free Report) and Eagle Bancorp (EGBN - Free Report) . All these stocks carry a Zacks Rank of 2.
First Internet Bancorp’s Zacks Consensus Estimate for current-year earnings has been revised slightly upward in the last 60 days. The company’s share price has risen almost 48%, over the past six months.
First Commonwealth Financial’s current-year earnings estimates have been revised 2.5% upward over the last 60 days. Also, its shares have gained 20% in the past six months.
Eagle Bancorp’s Zacks Consensus Estimate for current-year earnings has moved 2.5% up over the last 60 days. In the past six months, its share price has rallied 18.4%.
Investor Alert: Breakthroughs Pending
A medical advance is now at the flashpoint between theory and realization. Billions of dollars in research have poured into it. Companies are already generating substantial revenue, and even more wondrous products are in the pipeline.
Cures for a variety of deadly diseases are in sight, and so are big potential profits for early investors. Zacks names 5 stocks to buy now.
Click here to see them >>