MEXICO CITY Feb 11 Grupo Financiero Banorte
plans to make 19 billion pesos ($1.49 billion) in
new, individual mortgage loans this year, Mexico's fourth
largest bank said on Monday.
The loans, combined with 11 billion Mexican pesos in planned
construction loans, will put the bank's total credit investment
towards housing development at 30 billion pesos in 2013, it
"For this year, our goal is to achieve 30 billion pesos in
loans for housing development in our country," Isidoro Sanchez,
Banorte's corporate mortgage director, said in a press release.
Lending in Mexico has lagged behind other Latin American
countries, with outstanding commercial bank loans equal to less
than 19 percent of gross domestic product in 2011, according to
Banorte reported a 20 percent rise in fourth quarter profit
last month, its 11th straight quarter of growth.
Also last month, the bank and Mexico's social security
institute (IMSS) closed a deal to buy Spanish bank BBVA's
Mexican pension fund for $1.735 billion, creating Mexico's
largest pension fund with 522 billion pesos ($41.5 billion)