November 28, 2012 / 7:16 PM / in 5 years

Banorte not eyeing BBVA's Peru, Colombia pension funds for now

MEXICO CITY, Nov 28 (Reuters) - Grupo Financiero Banorte is not considering buying Spain’s Banco Bilbao Vizcaya Argentaria’s pension funds in Colombia and Peru for now, the Mexican group’s chairman Guillermo Ortiz told Reuters on Wednesday.

Banorte, which runs one of Mexico’s biggest financial groups, on Tuesday announced it had reached a deal to buy BBVA’s pension fund in Mexico in conjunction with the Mexican Social Security Institute, a state-run health organization, in a deal valued at $1.6 billion.

“Not for the time being,” said Ortiz, the former head of Mexico’s central bank, when asked if Banorte was also pursuing BBVA’s assets in Peru and Colombia. “But of course we do not rule out anything.”

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