DOMESTIC M&A: Afore XXI Banorte/Afore Bancomer

Jan 17, 2014

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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