The Banorte Financial Group announced their merger with Grupo Financiero Interacciones after approval from Mexican financial authorities.
The bank specified that on July 10, the merger was endorsed by the Ministry of Finance and Public Credit with authorization from the Bank of Mexico, the National Banking and Securities Commission and the National Insurance and Bonding Commission.
In a statement, Banorte highlighted that the transaction complied with all the conditions to which the mergers are subject and pointed out that this merger strengthens their Mexican banks and when consolidated, is the second largest financial group in the country by assets.
Banorte pointed out that as a single financial group they will have a market share in terms of assets within the industry of 15.4 percent and will concentrate 15.4 and 15.6 percent of the portfolio and deposits of the sector, respectively.
By announcing the term of the operation announced since mid-October 2017, the Chairman of the Board of Directors of GFNorte, Carlos Hank González, said that with this merger the financial institution consolidates as an ally of the country “That all we are building. Banorte is and will continue to be the bank closest to Mexicans.”