Banorte Clinches BBVA Afore

Banorte Clinches BBVA Afore

Mexico M&A

Grupo Financiero Banorte has agreed to acquire BBVA’s Mexican pension operations, becoming the country’s largest pension manager in a deal valued at $1.6bn, the banks say. Banorte, long rumored to have been the top contender for the asset, has teamed up with Mexico’s IMSS Social Security Institute – a co-owner of the Afore XXI Banorte pension fund – to make the purchase, with each party paying 50%. The final price will depend on the value of the accounts at the time of transfer, with the cost re

Already have an account?

Free trial

Take a free two-week trial now for the latest news, data and market analysis.

Free Trial