| | |  Business News | July 2008 
Mexican Bank Banorte Says Not For Sale
 Cyntia Barrera Diaz - Reuters
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Mexico City - Mexico's fifth-largest banking group, Banorte, is not for sale, its chief executive said on Friday, amid renewed speculation that the bank could become the target of a takeover.
Banorte (GFNORTEO.MX) shares were among the top percentage gainers on the Mexican bourse, up 2.82 percent at 44.51 pesos in mid-morning trading, bucking a weaker underlying trend that knocked the benchmark IPC stock index .MXX down 1.3 percent.
Mexican daily Reforma on Friday quoted Francisco Luzon, a regional director of Santander (SAN.MC)(STD.N), as saying Spain's top bank has been interested in making an offer for Banorte for some time.
But Banorte's newly appointed chief executive, Alejandro Valenzuela, told Mexican radio that Banorte was not up for grabs.
"We are flattered, in a way, (by Santander's comments) as there are many out there interested in us," Valenzuela said.
He added that Banorte Chairman Roberto Gonzalez "has made it clear on several occasions that the bank is not for sale and that if it was at some stage, it would be for Mexican hands."
Luzon's comments were made during a meeting with Mexican press in the city of Santander, Spain, Reforma said.
Santander already operates a bank network in Mexico.
Valenzuela took the reins at Banorte in April. The bank, the last major Mexican financial institution owned by local investors, is often referred to as a likely takeover target of international groups looking to move into Mexico.
Mexico's two top banks are Spanish-owned BBVA-Bancomer and Banamex, which is owned by Citigroup (C.N).
(Editing by John Wallace) |
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