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Mexico backs Banorte $1.6 billion pension takeover

Thursday, December 27, 2012

Mexican antitrust watchdog has authorized Grupo Financiero Banorte's $1.6 billion move to buy BBVA's Mexican pension fund.

After the acquisition, Banorte and its partner, Mexican social security institute IMSS, will manage Mexico's biggest pension fund.

The approval by the Federal Competition Commission paves the way for the operation to be completed, Banorte said. The purchase had also previously been approved by Mexico's pension fund regulator.

Source: Dow Jones