10/25/2017 Financial times
Banorte, Mexico’s third-biggest bank by assets, has agreed to buy Grupo Financiero Interacciones in a cash-and-share deal to create Mexico’s second-biggest financial institution, behind Spanish-owned BBVA Bancomer. The merged bank, to be called GFInter, will be the biggest controlled by Mexican capital in a country where many of the big banks are foreign. It will also be a leader in infrastructure financing, Banorte said in a statement. Banorte will pay for the deal with 13.7bn pesos in cash, representing half the value of the offer, and 109.7m Banorte shares. To fund the operation, Banorte will issue shares equivalent to some 4 per cent of the shares currently in circulation, it said in a statement. The deal is expected to close next year, pending regulatory approval.