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 Business News | June 2006 
Mexico's Banorte, Texas' Inter National Bank to Offer Free Cross-Border Fund Transfers
 Associated Press
| | Mexican banking group Grupo Financiero Banorte has started offering free cross-border account transfer services with Texan Inter National Bank. |
Mexico City – Mexican banking group Grupo Financiero Banorte has started offering free cross-border account transfer services with Texan Inter National Bank.
Banorte and INB clients can now transfer funds and cash checks at either bank free of charge, the Mexican bank said in a news release this week.
In January, Banorte said it would pay US$259 million (euro202 million) for a 70 percent stake in INB, and later announced in April it would acquire U.S. remittances company UniTeller Holdings Inc. for about US$20 million (euro15.6 million) as part of its strategy to enter the U.S. Hispanic market.
Remittances from Mexicans living abroad – mostly in the U.S. – have been growing steadily in recent years, overtaking tourism as a source of foreign currency. In the first four months of this year, remittances were up 25 percent, to US$7 billion (euro5.5 billion).
Banorte CEO Luis Pena has said he wants to eventually expand the two banks' product offering to include loans, especially mortgages.
Banorte expects both transactions to close before the end of this year. |
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