Banorte To Buy US Bank

Banorte will become the first Mexican financial institution to buy a foreign bank when it acquires 70% of Texan Inter National Bank for $259 million. Monterrey-based Banorte, Mexico’s fourth-largest bank in asset terms, says the acquisition is part of a strategy to benefit from the growing Hispanic market in the US. INB has assets of nearly $1.1 billion. Banorte says that in addition to the 70% stake it will take an option to buy the remaining 30% over the next five years. The deal is subject to US and Mexican regulatory approval.