Banorte Enters ECM Pipeline

Banorte Enters ECM Pipeline

Mexico Equity

Grupo Financiero Banorte is moving forward with an equity follow-on of up to $3bn, adding to the new issue pipeline as the broader markets face a challenging backdrop. The Mexican bank plans to hold the offer “as soon as” it receives approval, it says. It does not specify the exact timing or use of proceeds, though the announcement immediately follows Tuesday’s deal to buy out Assicurazioni Generali’s stakes in Seguros Banorte Generali and Pensiones Banorte Generali for $858m, and when the marke

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