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Grupo Financiero Banorte, S.A.B. de C.V. (GFNorte) is one of the largest and oldest financial institutions in the country. Banco Mercantil Del Norte, S.A. is the principal subsidiary of the Group. After the merger with Ixe Grupo Financiero, Banorte became the third largest financial institution in Mexico by deposits, mortgage loans and branches and the fourth largest by car loans and credit cards. It is the last remaining large bank controlled by Mexican investors. The rest of the large banks are controlled by international financial groups such as BBVA, Santander, HSBC, Citigroup and Scotiabank. With over 27,000 employees, the company serves over 12 million customers through a network of around 1,200 branches, over 150,000 POS terminals and over 7,700 ATMs across Mexico. It also has a presence in the U.S. Hispanic market through Motran and UniTeller Financial Services, money transfer companies based in California and New Jersey. In spite of the large international scale of its competitors, Banorte is a formidable player with leading positions in many market segments including mortgages, SMEs, car loans, credit cards and mutual funds. In 2011, Grupo Financiero Banorte acquired Ixe Grupo Financiero for approximately 16 billion pesos. In 2013, Afore XXI Banorte became Mexico’s largest retirement fund administrator, after acquisition of Afore Bancomer. In March 2017, Banorte sold Inter National Bank (INB) to Collins Family Trust. Inter National Bank operates approximately 20 branches along the Texas - Mexico border, mostly in the Rio Grande Valley as well as Laredo and El Paso. As of March 31, 2017, Banorte Financial Group had total assets of MXN 1.245 trillion (US$69 billion) and total equity of MXN 142 billion. The market capitalization is US$17 billion (June 12, 2017). The company was established in 1899 and is headquartered in Monterrey, NL.
Banorte USA Corporation was established in 2006 and is based in New York. It operates as a division of Banco Mercantil Del Norte. Banorte USA has approximately US$1.7 billion in total assets.
Credit Ratings (Banco Mercantil del Norte, S.A.)
| Long-Term | Short-Term | |
| Moody's | A3 | P-2 |
| Fitch | BBB+ | F2 |
| Standard & Poors | BBB+ | A-2 |
Grupo Financiero Banorte subsidiaries:
Banco Mercantil del Norte, S.A.
Arrendadora y Factor Banorte, S.A. de C.V.
Almacenadora Banorte, S.A. de C.V.
Seguros Banorte, S.A. de C.V.
Afore XXI Banorte
Pensiones Banorte, S.A. de C.V.
Casa de Bolsa Banorte Ixe, S.A. de C.V.
Operadora de Fondos Banorte Ixe, S. A. de C. V.
Sólida Administradora de Portafolios, S. A. de C. V.
Ixe Servicios, S. A. de C. V.
Banorte USA, Corporation
Head office address:
Avenue Revolucion 3000
Col. Primavera, Monterrey
Nuevo León 64830, Mexico
Phone: + 52 181 8319 6500
Website: www.banorte.com
Banorte USA Corporation
540 Madison Avenue, 36th Floor
New York, NY 10022
United States
