TITLE

First U.S. Step by Banorte, With Second Deal Coming

AUTHOR(S)
Kulikowski, Laurie
PUB. DATE
February 2006
SOURCE
American Banker;2/2/2006, Vol. 171 Issue 22, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
This article reports that with its deal for a majority stake in a Texas bank, Grupo Financiero Banorte of Monterrey, Mexico, aims to grab both sides of the remittance business. "Remittance is going to be the wave of the future," Banorte chief executive Luis Pena Kegel said in an interview Monday. The $17 billion-asset Banorte announced Jan. 26 that it would pay $259 million for a 70% stake in Inter National Bank, with the option to buy the other 30%. Inter National, of McAllen, has $1.1 billion of assets and 14 branches; the deal is slated to close in the fourth quarter.
ACCESSION #
19636794

 

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