Banorte to repay US$400mn early to show strength

Thursday, September 15, 2011

Mexico's biggest locally owned bank, Banorte, has said that it will prematurely pay back US$400mn in debt obligations to show its financial strength amid a deteriorating macroeconomic environment.

The bank's share price jumped 1.1% on the announcement.

The loan was taken in 2006 for 10 years, but conditions allowed for early repayment after five years. Banorte will repay the US$400mn on October 13.

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