Banorte Puts Up $1.6B For BBVA Mexican Pension Fund

Law360, New York (November 27, 2012, 11:17 PM EST) -- Mexican banking giant Grupo Financiero Banorte SAB purchased a Mexican pension fund of Banco Bilbao Vizcaya Argentina SA’s for roughly $1.6 billion, the Spain-based financial services firm said Tuesday.

The value of BBVA’s deal to sell Mexican company Administradora de Fondos para el Retiro Bancomer, S.A. de C.V., which still requires antitrust and other regulatory approval in Mexico, could change by up to $130 million and bring the sale price up to $1.73 billion, according to a statement by BBVA.

BBVA said Tuesday that it expects...
To view the full article, register now.