By the time Grupo Financiero Banorte By the time Grupo
Financiero Banorte and Ixe Grupo Financiero merged in November
2010, the Mexican financial sector was already dominated by
foreign banks. Banorte was the fourth largest bank in the
system by assets and Ixe, a financial institution catering to
the well-off, was eighth in that scale - two smaller players
amid titans. Spanish-owned BBVA Bancomer occupied the top slot
and the Citigroup-owned Banamex followed closely behind, each
with more than $88 billion in assets, almost twice the size of
Banorte. So the $1.3 billion deal that Ixe and Banorte struck
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.