Grupo Financiero Banorte

Overview

Grupo Financiero Banorte is a leading financial institution in Mexico, offering a wide range of banking services. The group is the second largest financial entity in the country, with the broadest business diversification in the market. It provides a variety of traditional and digital products and services through its subsidiaries, including a broker-dealer, annuities and insurance companies, retirement savings funds (Afore), mutual funds, leasing and factoring companies, warehousing, and a recently announced digital bank. Banorte is the only commercial bank among the six largest institutions whose decisions are made locally without the influence of external parent companies, which has proven to be an advantage in adapting with agility to the changes and alternatives presented by the country. The group's mission is to provide the best experience, personalized value proposition, and business operations in the market. Its vision is to become the best financial group for clients, investors, and employees. Banorte's strategic priorities include customer-centric digital transformation, expanding digital capabilities, and promoting financial inclusion. The group has diversified its customer base, now serving more than 20 million customers across different business lines, including banking, pension funds, insurance, and annuities. Banorte has been recognized for its corporate governance and leadership, ranking first in all categories in the Latin America Executive Team ranking by Institutional Investor. The group is committed to ethics, sustainability, and corporate responsibility in all its operations, aligning with the ten principles of the United Nations Global Compact. Banorte's growth has been driven by both acquisitions and organic strategies, focusing on investing in technology and executing a customer-centric approach aimed at improving product quality, customer service, and initiating digital transformation. The group continues to evolve to compete better, serve better, and create sustainable value for its stakeholders.

Investment Focus

• Focus on financial services, including banking, insurance, pension funds, and investment management
• Preference for investments in Mexico and Latin America
• Interest in both traditional and digital financial products and services
• Openness to various stages of investment, including growth, late stage, pre-IPO, buyout, turnaround, and distressed situations
• Alignment with Banorte's mission and values, including integrity, trust, loyalty, respect, and responsibility

Portfolio Companies