MEXICO CITY Nov 29 Mexico's pension fund
regulator Consar said on Thursday it has approved the $1.6
billion acquisition of BBVA's pension fund in the country by
Grupo Financiero Banorte and the Mexican Social Security
Banorte and the IMSS, a state-run health
organization, will now run Mexico's biggest pension fund, with
nearly a third of the total market.
Consar said the combination of Banorte and the IMSS'
existing Afore XXI Banorte fund with Spain's Banco Bilbao
Vizcaya Argentaria's Bancomer fund will not exceed the
market share limit of 20 percent.
The deal still needs approval from Mexico's antitrust agency
Cofeco to be final.
Banorte, which runs Mexico's No. 4 bank by assets, has been
actively bulking up its operations in the country. Last year,
the group bought boutique bank Ixe, which gave it access to
Ixe's portfolio of wealthy clients.