Banorte Not For Sale

A spokesman for Mexico’s Grupo Financiero Banorte has denied press rumors the bank is to be sold to Canada’s Scotiabank. Banorte is the only remaining major locally owned bank in Mexico in a market dominated by foreign-controlled financial entities. Banorte’s share price has been fluctuating wildly as first Bank of America and then Scotiabank were rumored to be interested in buying the Mexican bank.