Mexico's competition commission approved the $1.3 billion deal for top Mexican-owned bank Banorte to buy smaller financial group IXE, consolidating its position as the country's No. 3 bank. The Federal Competition Commission, known by its Spanish acronym CFC said "the operation is authorized" on its website on Friday. When the deal was announced in November, executives from the locally owned Banorte (GFNORTEO.MX) said it was a landmark for the Mexican banking system, which collapsed in the mid-1990s, spurring a buying spree by foreign banks. IXE (IXEGFO.MX) owned a boutique bank that cultivated business clients and credit card accounts among Mexico City's elite, as well as a brokerage arm and mutual funds.
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