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Home > Company Index > Banking > Banking - Latin America, Middle East & Africa > Grupo Financiero Banorte, S.A. de C.V.

Grupo Financiero Banorte, S.A. de C.V.
 PROFILE
Grupo Financiero Banorte is going gangbusters with acquisitions and expansion. The bank holding company provides banking, money exchange, online securities trading, and leasing services at more than 450 branches and more than 1,300 ATMs throughout Mexico. Banorte increased its size and expanded into central Mexico when it merged the faltering, state-controlled Banpais into its flagship Banco Mercantil del Norte. After selling stakes in its insurance and pension companies to Italian firm Assicurazioni Generali, Banorte bought Chase Manhattan's Mexican credit card portfolio. The company is now teaming up with Hewlett-Packard to provide e-services to Latin American companies and their trading partners.

 COMPETITION
Grupo Financiero Banamex-Accival, S.A. de C.V. (BANACCI)
Banco Bilbao Vizcaya Argentaria, S.A. (BBV)
Grupo Financiero Serfin, S.A. de C.V. (GFLIY)

 DEALS
Deal: Banorte and Hewlett Packard Team to Provide B-to-B E-Commerce to Latin America
Date Announced: 03.02.00
Value of transaction (US $Mil): 0
Description: Mexico's fourth largest bank and HP team up to prove Latin America with b-to-b solutions.

 FINANCIAL OVERVIEW
Fiscal Year-End: December
2000 Sales (mil.): 3,371.60
1-Yr. Sales Growth: 10.3%
Employees: 11,241
Revenue per employee: $299,937.73

 KEY PEOPLE
• Othón Ruiz Montemayor
    CEO
• Federico Valenzuela Ochoa
    CFO

 CONTACT INFO
Zaragoza 920 Sur
64000 Monterrey, Mexico
Phone: 52-18-319-7200
Fax: 52-18-319-7278
Online: Web Site

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