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Mexico. The financial and competition authorities endorsed Thursday the integration into a single entity of Banorte and Interacciones, an operation that will create the second largest financial intermediary in the country.
The merger will be finalized by December 31 at the latest. July, Grupo Financiero Banorte (GFNorte) said in a statement on the Mexican Stock Exchange (BMV).
The integration of the two financial entities into a single group was approved by their respective shareholders' meetings at the end of last year and To begin integration, only the approval competition and financial authorities needed
The Federal Commission for Economic Competition (Cofece) notified the GFNorte and the Financial Group Interacciones (GFInter) on Thursday "the authorization of concentration and without conditioners" for achieve the merger of the two entities, Banorte informed.
Similarly GFNorte and GFInter receive The Office of the Secretary of the Treasury and Public Credit decided to proceed with the social and administrative acts corresponding to the mergers. Therefore, the parties have agreed that the transaction will be completed no later than July 31, 2018. "
The amalgamated party is the Interaciones Financial Group and the amalgamated party is Grupo Financiero Banorte.
The merged group will become the second largest financial intermediary in the country, after BBVA Bancomer
Interacciones is a group specialized in the financing of infrastructures for the state and municipal administrations.
At the end of the first quarter Of the year, Banorte had a credit portfolio of 623 billion pesos, or 13.08% of the total banking system. Meanwhile, Interacciones Bank reported a portfolio of 113 billion, 2.38% of the total.
The sum of the two entities brings together 15.46% of the total credit portfolio of the banking system, higher than that of Citibanamex – which it occupies to date the second site, which equates to 13.87% of the system [19659002] The first place is held by BBVA Bancomer, with a credit portfolio of one billion 75 billion pesos, or 22.54% of the total.
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