Banorte To Buy Remaining Inter National Stake

Mexico’s largest locally owned bank, Banorte, said it will buy the remaining 30% in Inter National, after it closed its acquisition of the US bank, Thursday, following the approval by both Mexican and US banking regulators. Banorte said it would pay somewhere between $111 million and $191 million for the equity interest. Banorte became the first Mexican financial entity in recent decades to buy a US bank, when it agreed to pay $259 million for a 70% stake in the Texas bank at the end of January this year. Banorte has an option to buy the remaining 30% stake over the next five years. Inter National will become part of a new division of Banorte, entitled Banorte USA.