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On Friday, the merger of Interacciones with Banorte, announced in October 2017, was finalized, consolidating the Monterrey entity as the country's second-largest financial group, just below BBVA Bancomer.
after July 10, the respective authorizations were obtained from the Ministry of Finance and Public Credit, with the opinion of the Bank of Mexico and the National Banks and Securities Commissions and committees of Insurance and bonding. A few days earlier, the Federal Commission for Economic Competition (Cofece) had already given its approval.
"The merger assembly agreements, as well as the authorizations, were duly registered in the corresponding public trade registers, and the mergers took effect as of that date," said Mr. Banorte. Friday
The union consolidates Banorte as the second largest financial group in the country by level of assets with 1.6 billion pesos, with a portfolio of 730,000 million pesos and deposits with 751,000 million. Bancomer, the largest in the system, has 2 trillion assets, a portfolio of 1.0 trillion and deposits of 1.1 trillion.
"With this merger, Banorte consolidates as the ally of the country we are all building. Banorte is and will continue to be the closest bank to Mexicans, "said Carlos Hank González, chairman of the board of Banorte, who was also director of Interacciones
. in regional development
with Banorte, the unique model of specialization of Interacciones (financing of infrastructure in the states and municipalities) and the scale of the bank of Monterrey will allow it to become the driving force of the 39, infrastructure and regional development required by the country.
"The operation will complement Interacciones' expertise, focused on states and municipalities and basic infrastructure projects. , with the financing capacity of Banorte on a larger scale.
According to the group, Mexico is currently in 14th place worldwide in terms of gross domestic product (GDP), and in place 62 in infrastructure, which shows a lag "Mexico needs more schools, hospitals, roads, water treatment plants and power plants, "said the institution
. 19659007] Banorte reported that the portfolio that she has acquired from Interacciones is solid and low risk, since 93% of them have as a source of primary or secondary payment of federal government resources, which historically has led To the indicators of outstanding loans in percentage He added that the financing of the entities of Banorte is 94% guaranteed by federal participations.
Does not change the structure of the board of directors
Banorte has stated that with the acquisition of Interacci ones, financing synergies are generated, in addition to the fact that the return for shareholders in the first year, and the supply of consumer products is extended.
With respect to the corporate governance structure, the group pointed out that it will not change and that no related person will get additional representation on the board. "It is worth remembering that the transaction was approved by 71.6% of Banorte shareholders at the meeting on December 5, 2017, and was authorized on December 28 at the end of the year. issuance of additional shares June 2018, unconditionally, by the Cofece ", adds the financial institution.
Since the merger with Interacciones was announced on October 24, 2018, until the meeting last Friday (July 13) Banorte shares rose by 2.38%, while those of Interactions dropped 5.40 percent
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