Shareholders of Mexico's Banorte on Wednesday approved its acquisition of smaller Ixe, in a deal that consolidates Monterrey-based Banorte's position as Mexico's third largest bank by loan-book size. Grupo Financiero Banorte , which will keep the Banorte name, said it will have more than 704 billion pesos ($59 billion) in assets and a total loan book of over 302 billion pesos after the deal. The acquisition, valued at more than $1.3 billion, gives Banorte access to Ixe's portfolio of wealthy clients. Ixe is mostly present in Mexico City.
Source
