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Banorte To Combine PF With Afore XXI
Mexico’s Grupo Financiero Banorte has entered in an agreement to merge its pension fund with Afore XXI, the fund 50% owned by the Instituto Mexicano del Seguro Social.
Mexico’sGrupo Financiero Banortehas entered in an agreement to merge its pension fund withAfore XXI, the fund 50% owned by theInstituto Mexicano del Seguro Social(IMSS),Bloombergreports. Under the deal, IMSS will acquire the 49% stake in Banorte’s pension fund currently owned by Italy’sAssicurazioni Generaliand another 1% from Banorte.
In addition, Banorte has also offered to acquirePrudential Financial’s 50% stake in Afore XXI. The agreement awaits approval from government regulators and the stakeholders. The Mexican financial institution did not disclose financial terms of the deal. The combined assets of Banorte and Afore XXI’s pension funds totaled $21.6 billion at the end of July, adds养老金和投资.
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