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.- The Federal Commission for Economic Competition (Cofece) has authorized the merger between Banorte and Interacciones. In a statement sent to the Mexican Stock Exchange, the two institutions made known the resolution, in which there was no condition to finalize the operation.
Cofece approved the amalgamation of Banco Interacciones, as a merged company, with Banco Mercantil del Nord, as a merging company; Interactions Brokerage house with brokerage house Banorte, Insurance Interactions with Banorte Insurance, Interactions Company operating investment funds with Operador de Fondos Banorte. Both groups received a letter from the Ministry of Finance to proceed with the corporate actions and administration of the mergers.
The announcement comes after last October, the two companies having announced their intention to merge. Banorte and Interacciones will be the second largest financial group in the country, below BBVA Bancomer. The operation was estimated at 26 thousand 557 million pesos.
With the move, Banorte would reach an amount of assets of 1.5 billion pesos, surpassing two giants: CitiBanamex and Santander. BBVA Bancomer would position itself with just over 23.6% of the assets of the Mexican financial sector, with 2.1 trillion pesos; Banorte in second place with 16.8 → percent; CitiBanamex, with 14.6%, with 1.3 billion, and Santander, with 13.5%, with 1.2 billion.
Banorte also holds second place in the credit portfolio within the financial groups, when it is added with Interacciones 698 billion pesos, surpassed by BBVA Bancomer, which has a total portfolio of over 40,000. one billion
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Fusión. Cofece has given the green light to the merger of Banco Interacciones and Banorte.
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– IMP
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