MEXICO CITY Dec 26 Mexico's antitrust agency
approved the $1.6 billion acquisition of BBVA's
pension fund by Grupo Financiero Banorte and the Mexican Social
Security Institute (IMSS), Banorte said on Wednesday.
Banorte and the IMSS, a state-run health
organization, will operate Mexico's biggest pension fund, with
nearly one-third of the total market.
The deal, announced late last month and already approved by
Mexico's pension fund regulator, has all the necessary
authorizations to complete the acquisition, the bank said.
Banorte, which runs Mexico's No. 4 bank by assets, has been
actively bulking up its operations in the country. Last year, it
bought boutique bank Ixe, which gave it access to a portfolio of