Mexico's Banorte Buys U.S. Bank Stake for $259 million

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00019046-mexicos-banorte-buys-us-bank-stake-for-25/

By Noel Randewich, Reuters

Banorte, Mexico’s fourth largest bank, said on Thursday it will buy 70 percent of Texas-based Inter National Bank for $259 million to tap the growing Hispanic population in the United States.

Banorte, which also posted a 24 percent jump in fourth-quarter net profits on Thursday, said it has the option to acquire the other 30 percent of privately held Inter National.

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