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 intervention.
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 GrowA few years ago, Banorte looked like an easy...
Already have an account?
Subscribe now for unlimited access to all current and archive news, data and market analysis.
Take a free two-week trial now for the latest news, data and market analysis.