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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. 

Company Quote

89.86
-0.05 -0.06%
10:28am EDT