Banorte or Banco Mercantil del Norte, is one of the largest Mexican financial groups, a major bank without mergers with foreign banks.

Banorte History

Founded in 1899 as Banco Mercantil de Monterrey, for its headquarters were in the city of Monterrey, Nuevo León. In 1947, from the same group they founded the Banco Regional del Norte.

In 1986 Banco Mercantil del Norte was born, SNC, a name that refers to the merger of Banco Mercantil de Monterrey with Banco Regional del Norte.

In 1992, in line with the privatization of Mexican banks, Banorte was acquired by a group of entrepreneurs and shareholders, led by Roberto Gonzalez Barrera.

Soon after it was incorporating brokerage services, factoring, Almacenadora and Lessor, to consolidate into an organization of financial importance in the Mexican banking world.

BanorteIn 2006 the bank acquired 70% of the assets of the International Bank of Texas, and shortly after purchased 100% of the U.S. bank.

In 2010, Banorte announced the purchase of 100% of its shares at IXE Grupo Financiero, for which it payed around 1.3 billion dollars. With this acquisition, Grupo Financiero Banorte become the third largest banking institution in the banking world from Mexico, behind BBVA Bancomer and Banamex. With this acquisition, the name became 'IXE Grupo Financiero Banorte-', and from the month of March 2011 the Chairman of the Board was the former governor of the Bank of Mexico Guillermo Ortiz Martínez.