Davis Polk advised Grupo Financiero Santander Mexico, S.A.B. de C.V. ("Grupo Financiero Santander Mexico") and Banco Santander (Mexico), S.A., Institucion de Banca Multiple, Grupo Financiero Santander Mexico ("Banco Santander (Mexico)") on Grupo Financiero Santander Mexico's merger with and into Banco Santander (Mexico), its principal subsidiary. Shareholders received one share of Banco Santander (Mexico) for each share of Grupo Financiero Santander Mexico held, and Grupo Financiero Santander Mexico ceased to exist as a separate legal entity upon consummation of the merger. In connection with the merger, Banco Santander (Mexico) acquired all of the shares of Grupo Financiero Santander Mexico's brokerage subsidiary, Casa de Bolsa Santander, S.A. de C.V., Grupo Financiero Santander Mexico ("Casa de Bolsa"). Immediately following the merger, Banco Santander (Mexico) sold all of the shares of Casa de Bolsa acquired by it to a new holding company incorporated in Mexico by Banco Santander, S.A., the indirect controlling shareholder of Banco Santander (Mexico).

Banco Santander (Mexico) is the second-largest bank in Mexico based on total assets, deposits and net income as of June 30, 2017. Banco Santander Mexico provides a wide range of financial and related services, principally in Mexico, including retail and commercial banking and securities underwriting.

The Davis Polk corporate team included partner Nicholas A. Kronfeld and associate Hillary A. Coleman. Partner John D. Paton and associates Omer Harel provided U.S. tax advice. Members of the Davis Polk team are based in the New York and London offices.