Cases & Deals

Banorte completes $1.73 billion acquisition of Afore Bancomer creating largest retirement pension fund in Mexico

Client(s) Banco Mercantil del Norte SA (Banorte)

Jones Day advised Banco Mercantil del Norte, S.A. Institucion de Banca Multiple in the acquisition of Afore Bancomer, S.A. de C.V. for US$1.73 billion. The acquisition was made through Afore XXI Banorte, the pension fund jointly owned by the group's banking unit Banorte and Mexican social security agency IMSS, which paid 50% of the price. The transaction has created the largest retirement pension fund in Mexico.