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Banorte, Ixe Shareholders OK Merger

Shareholders of Grupo Financiero Banorte and Ixe Grupo Financiero have approved Banorte’s acquisition of Ixe.

    Shareholders ofGrupo Financiero BanorteandIxe Grupo Financierohave approved Banorte’s acquisition of Ixe,The Wall Street Journalreports. Mexican commercial bank. Banorte, will pay for the acquisition through the issuance of about 308 million shares.

    After the completion of acquisition, Ixe ChairmanEnrique Castillowill become Banorte’s new head of wholesale banking. The acquisition is valued at more than $1.3 billion, addsReuters.

    Click here for the story fromThe Wall Street Journal.

    Click here for additional coverage fromReuters.

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