OTHER NEWS - Feb. 10, 1992

Big Mexican Bank Sold: An investor group led by the once-powerful Legorreta banking family placed the winning bid--$885 million--for Comermex, Mexico’s fourth-biggest bank. The purchase is considered a rehabilitation of Agustin Legorreta, after his brother’s jailing for stock market fraud in 1989, which embarrassed the prominent family. Legorreta financed the purchase in part with a controversial $200-million bridge loan from Mexico’s third-largest bank, Serfin. At 3.73 times net worth, the sales price was among the highest paid for the 11 banks that the government has so far auctioned off in its effort to return control of the financial sector to private industry.