Banorte 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, 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, 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. As of December 2015, GFNorte manages US 122 billion in assets.
Banorte, GFNorte´s banking subsidiary, is currently the fourth largest banking institution in Mexico measured by size of loans and the third by deposits. It is the second main provider of government financing, the third largest in mortgage and the fourth in credit cards and 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 a solid capitalization ratio. 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. With more than 12 million clients in the banking sector, 27 thousand employees serve a footprint of 1,191 branches, 7,425 ATMs and 6,989 contact points through third party correspondents nationwide.
Banorte is the full retail bank, among the six largest institutions, that is managed by a Mexican executive team. 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.
Its strategic partner in the retirement savings fund management business is the Mexican Social Security Institute (IMSS). In this business line, Afore XXI Banorte finalized the acquisition of Afore Bancomer in January 2013, becoming the most relevant transaction to date in the retirement savings fund system and creating the largest Afore in Mexico.
GFNorte’s shares trade in the Mexican Stock Exchange (BMV) with the ticker “GFNORTEO” – being the fourth most liquid stock in Mexico and one of the companies with the largest float of approximately 90% -, in the Madrid Stock Exchange under the symbol “XNOR” and in the US through a listed ADR in the OTC
QX market under “GBOOY”.
