DOMESTIC M&A: Afore XXI Banorte/Afore Bancomer
Banorte leapt into the top position in a growing pension sector, taking advantage of BBVA’s exit
Grupo Financiero Banorte has been one of the main Mexican
beneficiaries of European banks' retreat from Latin America.
While it might have been irrational for their global parents to
part with domestic subsidiaries BBVA Bancomer or Santander
Mexico, BBVA instead sought to slim down its pension
operations. Its $1.73 billion sale of its Afore was the
largest-ever in Mexico's pension sector and entrenched the
buyer, Banorte, as Mexico's industry leader. Banorte teamed up
with Mexico's IMSS Social Security Institute, a co-owner...
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