CFC moves Banorte-Ixe merger ahead

Monday, February 7, 2011

Mexican federal antitrust regulator CFC has given the green light to the merger of Grupo Financiero Banorte and Ixe Grupo Financiero.

According to multiple local media sources, the commission's authorization of the deal - which was worth about US$1.30bn - leaves pending authorizations from central bank Banxico, financial services regulator CNBV and the finance ministry before it can move forward.

Banorte and Ixe announced the stock-swap acquisition in October of 2010. The new financial services group, Grupo Financiero Banorte-Ixe, will displace Santander Mexico to become the third largest in the country.

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