Banorte, Grupo Financiero Banorte
Banorte (Grupo Financiero Banorte SAB de CV) or GFNorte is one of Mexico's largest and oldest financial institutions. The Bank serves about 22 million clients through a network of more than 1,300 branches and over 6,650 ATMs across Mexico. Banorte also has presence in the US Hispanic market through Inter National Bank (INB), based in Texas, and the remittance companies, Motran and Uniteller, based in California and New Jersey. Inter National Bank has locations along the Texas - Mexico border including Brownsville, McAllen, Laredo and El Paso. Banorte is the last remaining large bank in Mexico controlled by local shareholders. The rest of the large banks are controlled by international behemoths such as Citigroup, BBVA, Santander, HSBC and Scotiabank. In spite of the large international scale of its competitors, Banorte has been a formidable player and has consolidated its leading position in many market segments, including mortgages and SMEs, while increasing its market share in other key segments, such as credit cards and mutual funds. The prestigious magazine Euromoney named Banorte “Best Bank of the year in Mexico” and “Best Bank in Latin America” in 2008. After the merger with IXE Grupo Financiero, Banorte became the third largest financial group in the country by deposits and loans. As of March 31, 2013, the company had total assets of MXN 955.442 billion (US$77.4 billion) and total equity of MXN 84.402billion (US$6.8 billion). Banorte was established in 1899 and is headquartered in Monterrey. In January 2013, GFNorte completed the acquisition of Afore Bancomer.
Banorte USA Corporation (Banorte USA) was established in 2006 and is based in New York. Banorte USA operates as a division of Banco Mercantil Del Norte. As of September 30, 2012, Banorte USA had total assets of US$2.220 billion.
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