IXE And Banorte Announce Engagement

IXE And Banorte Announce Engagement

Mexico M&A

Mexican banks IXE Grupo Financiero and Grupo Financiero Banorte say they have reached a non-binding agreement to consider a merger. According to IXE, the 2 financial groups have significant synergies, with the combined institution becoming the third largest in the country by either assets or deposits, and the only bank of its size controlled by Mexican shareholders. A combination of the 2 could help fend off an acquisition by a larger foreign competitor, according to a Mexico-based banker, while

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