Banorte Shareholders Approve Capital Increase

Shareholders of Mexico’s fourth-largest financial institution, Banorte, have approved a capital increase for the bank. The increase of P$5.3 billion ($490 million) will be financed via a new issuance of ordinary shares to be distributed to shareholders at a ratio of three new shares to one existing share. Shareholders also approved an annual dividend of P$1.25 per share.