Grupo Financiero Banorte created Bineo Bankthe new multiple banking institution that was born from the ‘ashes’ of Services, acquired some time ago by Banorte. According to the Official Gazette of the Federation (DOF), on September 15, it expressed its favorable opinion to grant the operating permit.
Provided that to your satisfaction, prior to the start of operations of said credit institution, it is shown that it has a subscribed capital stock one thousand 675 million pesos“.
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In this sense, the Governing Board of the National Banking and Securities Commission unanimously approved the authorization of Banco Bineo, which will be totally digital and will be able to provide all the services indicated in article 46 of the Credit Institutions Law.
Banorte assured that Bineo represents a step in the development of its digital bank and in the consolidation of its corporate strategy. While, Bineo will become the 51st bank operating in national territory.
Banorte, with its sights on Citibanamex
The Spanish bank Santander and the Mexican Banorte are the banks in Mexico with the greatest possibilities of acquiring Citibanamexaccording to an analysis issued Monday by Moody’s Investors Service.
According to Moody’s, Banorte and Santander already have a lot of experience and discipline in banking and consumer loans, which can make it easier for them to manage Citibanamex’s portfolio.
While its operational efficiencies would help them more easily integrate their footprint, limiting the costs of large-scale branch openings and closings, as well as worker layoffs.
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