DETROIT, Sept. 7 /PRNewswire-FirstCall/ -- Comerica Incorporated (NYSE: CMA) today announced it has reached an agreement to sell its Mexican bank charter to Geotel, S.A. de C.V., a private investment firm. The announcement was made by Joseph J. Buttigieg III, vice chairman of Comerica's Business Bank.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO )
The sale is expected to be completed by year-end, pending regulatory approval.
Comerica's after-tax gain is expected to be nominal.
"We have been doing business in Mexico successfully for the past 30 years," Buttigieg said. "After a thorough evaluation, we determined that we can serve this market more efficiently and effectively by focusing dollar- based activities through our established representative office in Monterrey."
Comerica's Monterrey office is managed by Josef Koberl. Comerica was advised on this transaction by HSBC. About Geotel
Geotel is a Mexico-based private investment firm focusing on opportunities both internationally and locally. Geotel is active in the Financial Services and Housing sectors.
About Comerica
Comerica Incorporated is a financial services company headquartered in Detroit, strategically aligned into three major business segments: the Business Bank, Small Business & Personal Financial Services, and Wealth & Institutional Management. Comerica focuses on relationships and helping businesses and people to be successful. Comerica reported total assets of $54.7 billion at June 30, 2005. To receive e-mail alerts of breaking Comerica news, go to http://www.comerica.com/newsalerts .
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGOSOURCE: Comerica Incorporated
Web site: http://www.comerica.com/
