DOMESTIC M&A - Leaping to the Top

DOMESTIC M&A - Leaping to the Top

Corporate & Sovereign Strategy Mexico

By the time Grupo Financiero Banorte By the time Grupo Financiero Banorte and Ixe Grupo Financiero merged in November 2010, the Mexican financial sector was already dominated by foreign banks. Banorte was the fourth largest bank in the system by assets and Ixe, a financial institution catering to the well-off, was eighth in that scale – two smaller players amid titans. Spanish-owned BBVA Bancomer occupied the top slot and the Citigroup-owned Banamex followed closely behind, each with more than $88 billion in assets, almost twice the size of Banorte. So the $1.3 billion deal that Ixe and Banorte struck was all the more significant. Not only was it the largest financial merger the country ha

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