[ad_1]
Without any condition, the Federal Commission for Economic Competition (Cofece) has approved the merger between Grupo Financiero Banorte and Grupo Financiero Interacciones, announced in the last quarter of 2017.
In a statement sent to the Stock Exchange from Mexico, the two financial institutions added that, similarly, they received an official letter from the Ministry of Finance and Public Credit to carry out the social and administrative acts corresponding to the mergers.
In this sense, the parties that the transaction will be completed no later than July 31 of this year.
With this authorization, the various subsidiaries of Interacciones such as the bank, the insurer, the brokerage firm, among others, will merge with Grupo Financiero Banort.
"The investing public is informed that the Federal Commission for Economic Competition has notified Grupo Financiero Banorte y Grup o Financial Interactions merger and unconditional authorization to effect the mergers", is mentioned in the press release
With the merger, which according to some could take place in mid-July, Banorte will consolidate as the second-largest financial group (today, it is already) adding about 1.5 billion dollars. assets. According to information from the institution itself, it would also be in second place in the portfolio, as well as in recruitment.
Today Interacciones is the eighth in the system.
According to an analysis of Ve por más, in the first 18 years They estimate that the greatest exposure to loans and government infrastructure increases the risks and uncertainty before the presidential elections and the elections this Sunday.
to Public Infrastructure
According to Banorte, the goal of merging with Interacciones is to become a leader in the financing of public infrastructure (especially in the states and municipalities), a niche in which Interacciones is specialized For more than 20 years.
It was late October 2017 when Banorte's merger with Interacciones, both of the Hank family, was announced. Both institutions were expecting the process to end in June, but now it will be one month later when it is completed.
Today, seven financial groups concentrate about 80% of the system's assets. With the merger approved, four banks will concentrate 65% of assets: BBVA Bancomer, Grupo Financiero Banorte, Citibanamex and Santander.
"The only product we would have liked to have stronger, because we have it but not so strong, it is the infrastructure in the states, municipalities and exactly what? Interacciones will give us, "he told El Economista a few months ago, Marcos Ramírez Miguel, general manager of Banorte.
Meanwhile, Carlos Rojo, until here Director of Interactions, said that with this merger Banorte will benefit from the experience of the first in the financing of public infrastructure and the size of the Monterrey group.
Since last October, the aforementioned merger has been announced (then valued at 27.425 billion pesos). 19659002] The transaction consists of a cash payment of 50.8 pesos per share of Interacciones and the rest in shares Banorte. On this basis, the implicit price that would be paid is about 94.4 pesos per Interacciones share, the securities of this bank closed at 90.41 pesos
[ad_2]
Source link
