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Anti-Trust Regulator to Review Proposed Banorte-Interacciones Merger

LADB Article ID: 80454
Category/Department: Mexico
Date: 2017-11-01
By: Carlos Navarro

Two of Mexico’s leading financial institutions, Grupo Financiero Banorte SAB and Grupo Financiero Interacciones S.A., have announced plans to join operations to create Mexico’s second largest bank. The merged company would rank second to BBVA Bancomer, a subsidiary of Spain’s Banco Bilbao Vizcaya Argentaria (BBVA), and above Citibanamex, a subsidiary of US-based Citigroup.The two companies, which announced their merger plans on Oct. 25, had not informed Mexico’s anti-trust commission (Comisión Federal de Competencia Económica, COFECE) of their intention as of Nov. 1. Banorte and Interacciones are not required to meet a specific deadline to report the merger plans to anti-trust authorities, but they do have to provide the information before they can proceed with the transaction. “With this deal, Banorte positions itself as a leader in the financing of the enormous infrastructure necessities of our country, which represents a unique opportunity to propel competitiveness, attract investment, and improve quality of life for Mexican families,” said Banorte CEO José Marcos Ramírez Miguel. Grupo Financiero Banorte, which is headquartered in Monterrey, gained recognition following the privatization of Mexican banks in 1991, because it was the only one of the country’s three largest institutions composed entirely of Mexican capital.

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