$1.4 billion deal steps up concentration among Mexican banks

The concentration of Mexico’s banking sector continues. Banorte’s purchase of Grupo Financiero Interacciones has been approved by the nation’s trust-busters, Cofece.

The $1.4 billion deal was approved by Cofece.

Now two thirds of the Mexican banking sector is in the hands of four institutions: BBVA Bancomer, Santander, Citibanamex and Banorte.