Grupo Financiero Banorte, S.A.B. de C.V. history, profile and history video
Grupo Financiero Banorte, S.A.B. de C.V. is a Mexican banking and financial services holding company headquartered in Monterrey, Mexico.
In 1985, Banco Mercantil de Monterrey merged with Banco Regional del Norte to form Banco Mercantil del Norte, SA (today know as Banorte).
The company expanded its business to leasing services (Arrendadora Banorte) in 1990 and to warehousing and factoring services (Almacenadora Banorte and Factor Banorte) in 1991.
In 1992, in the banking privatization process, Banorte was purchased from the Mexican Government by a group of investors, led by the Mexican businessman Roberto González Barrera.
In 1997, it established an alliance with the Italian group Generali to offer insurances, pension funds, and Afore’s services through their subsidiaries Afore Banorte-Generalli, Seguros Banorte-Generalli, and Pensiones Banorte-Generalli.
In 2001, Banorte acquired Bancrecer, which had been taken over in 1999 by IPAB. Bancrecer itself had taken over another bank, Banco del Noroeste (Banoro), in 1997.
In August 2006, the merger of Banco del Centro, SA (Bancen) with Banco Mercantil del Norte, SA, was completed, thus ending the last phase of integration of both banks.
The Group operates its commercial bank under the brands Banorte (Banco Mercantil del Norte) and Ixe, providing savings accounts, credit cards, payday loans, mortgages, commercial loans, and auto loans. It also provides insurance, pension, leasing, and brokerage services through its subsidiaries.
With over 21 000 employees and more than 1 250 branches, Grupo Financiero Banorte, SAB de CV is considered one of the largest financial groups in Mexico, one of the largest commercial banks of Mexico by assets and loans, and one of the largest retirement fund administrators. Its primary subsidiary (Banco Mercantil del Norte) is considered one of Mexico’s largest and oldest financial institutions. According to Forbes, it is considered one of the top 2000 largest public companies in the world.
*Information from Forbes.com, Wikipedia.org, and www.banorte.com.
**Video published on YouTube by “Factor Estudio de Diseño“.
