Banorte has come a long
way in a short time. As Mexico's last big locally-owned
commercial bank, Banorte has its work cut out to compete
against giant foreign-owned banks that dominate the Mexican
banking industry. Banorte is headquartered in Monterrey and
only became a national player two years ago after buying
Bancrecer, a Mexico City bank that was under government
That deal roughly doubled Banorte's assets to $20.11 billion
in early 2002, making it a serious player in a country where
competitive pressure has become very intense. It is now
Mexico's fourth-largest commercial bank by assets. The
Bancrecer acquisition also handed Banorte a bank with a
relatively clean balance sheet. Although Banorte's management
still has many challenges to overcome, they have made a good
start and claims this year's LatinFinance prize as
most improved bank in Mexico.
Mandate to Grow
A few years ago, Banorte looked like an...
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