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.
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