Banorte Closes UniTeller Acquisition

Mexican financial group Banorte has closed its acquisition of US remittances company UniTeller Holdings for $20 million. The acquisition is part of Banorte’s strategy to target clients in the US, who sent back $20 billion in remittances to Mexico in 2005. Last January, Banorte announced it was to buy 70% of Texas-based Inter National Bank for $259 million.