Summary of Proposed Investment
Project Number
11032
Company Name
BANCO MERCANTIL DEL NORTE, S.A., INSTITUCION DE BANCA MULTIPLE, GRUPO FINANCIERO BANORTE
Date SPI Disclosed
May 14, 2001
Country
Mexico
Industry
Financial Markets
Projected Board Date
Jun 14, 2001
Status
Completed
Sector
Commercial Banking - General
Department
Global Industry, Financial Markets
Environmental Category
FI
Previous Events
Approved : Jun 19, 2001
Signed : Nov 11, 2002
Invested : Nov 18, 2004
Project Description
Grupo Financiero Banorte is a Mexican financial services holding company formed in 1993 and headquartered in Monterrey, Mexico. GFNorte, through its consolidated subsidiaries, while principally engaged in commercial and retail banking, is also engaged in brokerage, factoring, leasing, warehousing, pension funds management, insurance and annuities. As of December 31, 2000 GFNorte on a consolidated basis had total assets of US$11.0 billion equivalent and shareholders'' equity of US$880 million.
The proposed project consists of an up to US$50 million A Loan and up to US$100 million B Loan to Banco Mercantil del Norte, a subsidiary of Grupo Financiero Banorte. The proceeds would be used to finance long-term leases of industrial complexes and related community infrastructure built and maintained by local development companies. These industrial complexes are normally leased by export-oriented companies as well as suppliers of export-oriented companies. By providing long-term funds that are currently not available to Banorte for this purpose, IFC will indirectly support Mexico''s most dynamic economic sector. The project complements Banorte''s strategic presence in and knowledge of this market, and will have a strong development impact in Mexico.
The proposed project consists of an up to US$50 million A Loan and up to US$100 million B Loan to Banco Mercantil del Norte, a subsidiary of Grupo Financiero Banorte. The proceeds would be used to finance long-term leases of industrial complexes and related community infrastructure built and maintained by local development companies. These industrial complexes are normally leased by export-oriented companies as well as suppliers of export-oriented companies. By providing long-term funds that are currently not available to Banorte for this purpose, IFC will indirectly support Mexico''s most dynamic economic sector. The project complements Banorte''s strategic presence in and knowledge of this market, and will have a strong development impact in Mexico.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Jorge Colín - Director, Investor Relations (528) 319 52 10
Gabriela Renovato - Manager, Investor Relations (528) 319 52 19
E-mail: investor@gfnorte.com.mx
Fax.- (528) 319 52 35
Gabriela Renovato - Manager, Investor Relations (528) 319 52 19
E-mail: investor@gfnorte.com.mx
Fax.- (528) 319 52 35