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.

For this complete story, please visit Mexico’s Banorte Buys U.S. Bank Stake for $259 million.

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

Unknown Author

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