The Mexican stock market might be down 9 per cent this year. But that is not deterring Grupo Financiero Banorte from charging ahead with plans for what would be the country’s largest share offering this year.
The banking group, the third-largest in the country, said on Wednesday it planned to raise as much as $3bn through a follow-on share offering. While the Monterrey-based company didn’t specify what the proceeds from the share sale will be used for, there’s little doubt that some – if not all – of it will be used towards paying down the bill from its recent acquisition spree. Continue reading »
As news broke Tuesday that the Mexican government was postponing its long awaited banking-reform bill for political reasons, the country’s biggest domestically-owned bank was preparing to report a tidy 27 per cent rise in first-quarter profits.
Banorte, Mexico’s third-biggest lender and the largest domestic bank in a sector dominated by foreign names, said that profits climbed between January and the end of March to 3.1bn pesos ($253m). It didn’t give the peso figure for the comparable quarter of 2012. Continue reading »
Spain’s BBVA has agreed to sell its Mexican pension fund to local buyers for $1.6bn, the latest in a line of local asset sale by retreating Europeans.
Grupo Financiero Banorte, the only major bank that is Mexican-owned and Mexico’s Social Security Institute, known as IMSS, will share the cost for Afore Bancomer – as the pension fund unit is called – equally. Continue reading »