Italians Pull out of Banorte

Italians Pull out of Banorte

Mexico Europe M&A

Assicurazioni Generali has agreed to sell minority stakes in Seguros Banorte Generali and Pensiones Banorte Generali to Grupo Financiero Banorte for $857.5m, it says. Banorte takes full control of the subsidiaries. Looking to boost its solvency ratio back home, the Italian exits its 49% positions in the pension and insurance businesses, booking a EUR500m ($664m) gain. The disposal of the stake in Seguros Banorte Generali accounted for the bulk of the deal, at $637m, a value that implies a multip

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