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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