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Los Angeles, CA -- (SBWIRE) -- 02/07/2014 -- Hotpennystocknews.com issues special report on - Grupo Financiero Banorte (GBOOY)
Grupo Financiero Banorte (GBOOY) was founded in 1899 in the city of Monterrey, where it first started operations as a small regional player. In 1992, in the banking privatization process, Banorte was acquired by a group of entrepreneurs led by Roberto Gonzalez Barrera. Through a series of key acquisitions after the Mexican financial crisis of the mid 1990's, like Bancen and Banpa's in 1997 and Bancrecer in 2002, Banorte was able to consolidate a nationwide presence in Mexico. It now operates as a financial group known as Grupo Financiero Banorte (GFNorte), offering universal banking products and services in the Mexican financial system.
Banorte is currently the third largest banking institution in Mexico measured by size of loans and deposits, surpassing HSBC and Santander. It is the second largest provider of State & Municipal government and mortgage financing and the fourth largest provider of commercial loans. As well as increasing its market shares, Banorte has consolidated its position as one of Mexico's most profitable banks and is recognized for its strong fundamentals by showing sound asset quality, as well as high capitalization and liquidity levels. With 12.8 million clients in the banking sector and a footprint of 1,286 branches and 6,749 ATMs nationwide, GFNorte's main business line is retail banking, and it also provides a wide array of products and services through its broker dealer, annuities & insurance companies, retirements savings funds (Afore), mutual funds, leasing & factoring company and warehousing. GFNorte manages US 139 billion in assets and Banorte is the full retail bank, among the six largest institutions, that is controlled by Mexican shareholders. Its decisions are taken locally without the influence of international headquarters, which has proven to be an advantage given the recent weakness of many global institutions.
In 2006, Banorte entered into the US Hispanic market through the purchase of Inter National Bank (INB), a Texas-based bank, and two remittance companies in 2007: Uniteller in New Jersey and Motran in California. Its strategic partnerships include the International Finance Corporation (IFC) at its banking subsidiary and the Mexican Social Security Institute (IMSS) at the retirement savings fund management business. In January 2013, GFNorte finalized the acquisition of Afore Bancomer through Afore XXI Banorte, becoming the most relevant transaction to date in the retirement savings fund system, creating the most significant Afore in Mexico. Furthermore, in October 2013, GFNorte finalized the acquisition of Assicurazioni Generali's 49% minority interest in insurance and annuities.
GFNorte's shares trade in the Mexican Stock Exchange (BMV) with the ticker "GFNORTEO", in the Madrid Stock Exchange under the symbol "XNOR" and in the US ADR OTC market under "GBOOY". In July 2013, GFNorte carried out an international follow-on offering of 447,371,781 common shares equivalent to Ps. 31.99 billion or approximately US 2.5 billion. This primary follow-on offering is the largest in Mexico's history, the greatest from a locally controlled Mexican financial institution, the second most important public offering in the country's history and the ninth most important carried out by a Latin American financial institution. Furthermore, it is the most important executed by a Mexican bank, measured in terms of the amount placed among local investors.
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