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 was...
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