Shareholders of Grupo Financiero Banorte and Ixe Grupo Financiero have approved Banorte’s acquisition of Ixe, The Wall Street Journal reports. Mexican commercial bank. Banorte, will pay for the acquisition through the issuance of about 308 million shares.
After the completion of acquisition, Ixe Chairman Enrique Castillo will become Banorte’s new head of wholesale banking. The acquisition is valued at more than $1.3 billion, adds Reuters.
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