Mexico Banorte, IMSS in $1.6 bln deal for Bancomer pension fund

MEXICO CITY Tue Nov 27, 2012 4:31pm EST

MEXICO CITY Nov 27 (Reuters) - A pension fund co-owned by Mexico's Banorte and the Mexican Social Security Institute (IMSS) will acquire a pension fund owned by BBVA , a Spanish bank, in a $1.6 billion deal, Banorte said on Tuesday.

Banorte and IMSS will split the cost of the acquisition of the Bancomer pension fund 50/50, Banorte said.