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Mexico's Banorte takes on $800 syndicated loan to boost capital
February 22, 2013 / 10:06 PM / in 5 years

Mexico's Banorte takes on $800 syndicated loan to boost capital

MEXICO CITY, Feb 22 (Reuters) - Mexican banking group Grupo Financiero Banorte said on Friday it made use of a syndicated loan of 10.2 billion pesos ($800 million) to boost capital at its main bank after its recent purchase of Spanish bank BBVA’s pension fund.

Banorte, Mexico’s fourth-largest bank, is the group’s flagship bank.

In January, Grupo Banorte signed off on the purchase of BBVA’s pension fund for $1.735 billion, becoming Mexico’s largest fund, with nearly a third of the market.

The bank recently reported fourth-quarter 2012 profits were up 20 percent, helped by lower costs and an increase in funds under management.

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