This content is from: Corner Office

Banorte In Talks To Merge PF, IMSS Afore

Grupo Financiero Banorte is in the process to merge its pension fund with Afore XXI, a fund 50% owned by the Mexican Social Security Institute.

Grupo Financiero Banorte is in the process to merge its pension fund with Afore XXI, a fund 50% owned by the Mexican Social Security Institute (IMSS), Pensions & Investments reports. The combined entity, whose assets totaled $21.6 billion in July, will represent the Afore fund as pension funds in Mexico.

The Afore merger requires approval from Prudential Financial and Assicurazioni Generali. Prudential Financial owns the other 50% of Afore XXI and Assicurazioni holds a 49% stake in Banorte’s pension fund.

Click here for the story from Pensions & Investments.

Click here for additional coverage from Reuters.

Related Content