October 25, 2017 / 7:18 PM / 2 years ago

Mexican bank Banorte agrees to take over peer Interacciones

MEXICO CITY, Oct 25 (Reuters) - Mexican bank Grupo Financiero Banorte has signed an accord to acquire peer Grupo Financiero Interacciones in a cash and shares deal that would create the second biggest financial group in Mexico by assets, Interacciones said on Wednesday.

If approved, the banking deal would join two lenders whose chairmen are father and son.

Rumors of a takeover have circulated since Carlos Hank Gonzalez stepped down as chief executive of Interacciones three years ago to join the board of Banorte , where he is now chairman. (Writing by Dave Graham)

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