And Then There Was One

Nov 7, 2003

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 Grow
A few years ago, Banorte looked like an...

To continue reading please take a free trial, subscribe or login below.

Already have an account?


Subscribe now for unlimited access to all current and archive news, data and market analysis. 


Free trial

Take a free two-week trial now for the latest news, data and market analysis.

Free Trial

Upcoming Events


Where will capital markets be busiest in 2017?


Popular Searches