Grupo Financiero Banorte SAB de CV (OTCMKTS:GBOOY), trading in the United States under the OTCMKTS symbol GBOOY, is one of Mexico’s largest and most diversified financial institutions. The group provides a wide array of banking products and services, including retail banking, commercial lending, corporate banking, and cash management solutions. Through its extensive network of branches and ATMs, Banorte caters to individual consumers, small and medium-sized enterprises, and large corporations across Mexico.
In addition to core banking, Banorte offers asset management, pension fund administration (Afore), insurance underwriting, leasing and factoring, and brokerage services. The firm’s insurance arm underwrites life and non-life policies, while its pension business manages retirement savings for millions of Mexican workers. Its asset management division provides mutual funds and discretionary portfolios for retail and institutional clients, bolstering Banorte’s multi-product approach to financial services.
Founded in 1899 as Banco Mercantil de Monterrey, Banorte has grown through strategic mergers and acquisitions to become a leading domestic player. Notable milestones include the integration of AFORE IXE to expand its pension fund business and the acquisition of insurance operations that strengthened its non-banking financial services. Today, the group’s more than 1,300 branches and over 7,000 ATMs underscore its commitment to broad geographic coverage and customer accessibility across Mexico.
Banorte is led by Chairman and CEO Carlos Hank González, whose tenure has emphasized digital transformation, risk management, and customer-centric innovation. Under his leadership, the group has invested in mobile and online banking platforms, aiming to enhance service delivery while maintaining strong regulatory compliance and financial resilience in a dynamic economic environment.
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