Key Developments: Grupo Financiero Banorte SAB de CV (GFNORTEO.MX)

GFNORTEO.MX on Mexico Stock Exchange

89.31MXN
30 Jul 2014
Price Change (% chg)

$-1.05 (-1.16%)
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$89.30
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$90.36
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Latest Key Developments (Source: Significant Developments)

Fitch upgrades credit rating on Grupo Financiero Banorte
Friday, 21 Mar 2014 02:27pm EDT 

Grupo Financiero Banorte SAB de CV:Fitch Ratings has upgraded its viability rating (VR) on company to bbb+ from bbb and Issuer Default Ratings (IDRs) in local and foreign currency to BBB+ from BBB.Fitch has affirmed short-term IDRs in local and foreign currency at F2.  Full Article

Grupo Financiero Banorte SAB de CV Announces Dividend Payment
Tuesday, 15 Oct 2013 01:58pm EDT 

Grupo Financiero Banorte SAB de CV announced a dividend in the total amount of MXN 2,177,932,453, at a value of MXN 0.7852 per share, to be distributed in four installments at a value of MXN 0.1963 per share each, effective on October 23, 2013, January 23, 2014, April 23, 2014 and July 23, 2014 against coupons No. 9, 10, 11 and 12, respectively.  Full Article

Assicurazioni Generali SpA Completes Sale of Minority Stakes in Mexico to Grupo Financiero Banorte SAB De CV
Friday, 4 Oct 2013 01:00pm EDT 

Assicurazioni Generali SpA announced that it has completed the sale of its 49% minority stakes in the Mexican companies Seguros Banorte Generali and Pensiones Banorte Generali to Grupo Financiero Banorte SAB De CV, following the approvals by the relevant regulatory authorities. The transaction has been completed according to the terms of the agreement as disclosed on June 11, 2013. In particular, Generali has received on October 4, 2013 from Banorte a total gross consideration of USD 858 million, corresponding to an amount of EUR 631 million (based on a exchange rate of EUR 1 = USD 1.359). Through this deal Generali withdraws from a minority position which was not consistent with the Group strategy to actively manage and strengthen its capital position.  Full Article

Grupo Financiero Banorte SAB de CV To Propose Dividend Payment
Tuesday, 24 Sep 2013 11:26am EDT 

Grupo Financiero Banorte SAB de CV announced that it will submit to the shareholders for approval a dividend payment at a value of MXN 0.7852 per share. The Ordinary Shareholders’ Meeting will be held on October 14, 2013.  Full Article

Fitch Ratings Affirms Its Credit Ratings On Grupo Financiero Banorte SAB de CV
Wednesday, 17 Jul 2013 06:20pm EDT 

Grupo Financiero Banorte SAB de CV (GFNorte) announced that Fitch Ratings has affirmed its credit ratings on the Company (BBB/F2, stable outlook) after the recent share capital increase of GFNorte.  Full Article

Grupo Financiero Banorte SAB de CV Presents Global Offer Of Its Shares
Wednesday, 17 Jul 2013 06:24am EDT 

Grupo Financiero Banorte SAB de CV announced the Global Offer of its shares at a placement price of MXN 71.50 per share, in the amount of MXN 27,814,854,210 (389,018,940 shares, without an over-allotment option) and in the amount of up to MXN 31,987,082,341.50 (up to 447,371,781 shares, with an over-allotment option); the Offer in Mexico in the amount of MXN 10,220,769,630.50 (142,947,827 shares, without an over-allotment option) and in the amount of up to MXN 11,753,885,000 (up to 164,390,000 shares, with an over-allotment option); the International Offer in the amount of MXN 17,594,084,579.50 (246,071,113 shares, without an over-allotment option) and in the amount of up to MXN 20,233,197,341.50 (up to 282,981,781 shares, with an over-allotment option). The Company offers ordinary, series O and class II shares, at a nominal value of MXN 3.50 per share. The Book Closing and Offering Date in on July 16, 2013, the Registration Date in on July 17, 2013 and the Settlement Date is on July 22, 2013.  Full Article

Grupo Financiero Banorte SAB De CV To Raise Around $2.5 Billion In Share Sale-DJ
Tuesday, 16 Jul 2013 11:45am EDT 

Dow Jones reported that Grupo Financiero Banorte SAB De CV is looking to sell around $2.5 billion in shares to fund recent acquisitions and could have money left over to pursue further deals in a Country where foreign-owned banks including Citigroup Inc. control more than two-thirds of deposits. The offering, which is expected to price later, will pay for two acquisitions from European firms in need of cash: Spain's Banco Bilbao Vizcaya Argentaria SA and Italy's Assicurazioni Generali SpA (G.MI). It's also likely to generate excess capital, leaving Banorte room to increase lending and possibly finance another purchase.  Full Article

Fitch Ratings Affirms Its Credit Ratings On Grupo Financiero Banorte SAB de CV
Wednesday, 12 Jun 2013 05:25pm EDT 

Grupo Financiero Banorte SAB de CV (GFNorte) announced that Fitch Ratings has affirmed its credit ratings on the Company (BBB/F2, outlook stable) after the announcement on the acquisition by GFNorte of Generali's 49% stake in pension and insurance joint ventures.  Full Article

Grupo Financiero Banorte SAB De CV Plans To Raise Up To $3 Billion Via Share Sale-DJ
Wednesday, 12 Jun 2013 09:47am EDT 

Dow Jones reported that Grupo Financiero Banorte SAB De CV said it plans to raise as much as $3 billion via a share offering to finance recently announced acquisitions and strengthen its capital position. Mexico said the sale would take place as a primary offering of ordinary shares on the Mexican Stock Exchange and also with placements abroad. The sale is expected in July.  Full Article

Grupo Financiero Banorte SAB De CV Buys Out Mexican Joint Ventures Partner Generali For $857.5 Million From Assicurazioni Generali SpA-DJ
Tuesday, 11 Jun 2013 10:47am EDT 

Dow Jones reported that Grupo Financiero Banorte SAB De CV plans to buy out minority stakes in pension and insurance joint ventures from Italian partner Assicurazioni Generali SpA for $857.5 million. Banorte said in a statement that it reached the decision to purchase Generali's 49% share in the joint ventures because it felt that the existing structure doesn't allow those businesses to reach their full growth potential. Banorte said it is analyzing alternatives to finance the acquisition, and that the deal still requires regulatory approval.  Full Article

Fitch Upgrades GFNORTE and Banorte's Ratings to 'BBB+'; Outlook Stable

(The following statement was released by the rating agency) MONTERREY, March 21 (Fitch) Fitch Ratings has upgraded the ratings for Grupo Financiero Banorte, S.A.B. de C.V. (GFNorte) and Banco Mercantil del Norte S.A. (Banorte) as follows: --Viability rating (VRs) to 'bbb+' from 'bbb'; --Long term foreign- and local-currency Issuer Default Ratings (IDRs) to 'BBB+' from 'BBB'; In addition, Fitch affirms GFNorte and Banorte's Short-term foreign- and local-currency IDRs and Local currency short

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