Walmex bank division sells for $247 million

Mexico City, Mexico - Grupo Financiero Inbursa, a banking firm owned by Mexican billionaire Carlos Slim, has reportedly bought the bank division of Wal-Mart de Mexico (Walmex) for $246.94 million, or 1.7 times Walmex’s bank capital.

According to Reuters, Walmex has been focusing on selling its non-core assets, such as its restaurant division, in the past year.