Grupo Financiero Banorte, S.A.B. De C.V. (GBOOY: OTC Link) | GRUPO FINANCIERO BANORTE (GFNORTE) AND THE MEXICAN SOCIAL SECURITY INSTITUTE (IMSS) SIGNED AGREEMENTS TO MERGE THEIR RESPECTIVE AFORES (RETIREMENT SAVINGS FUND MANAGERS)

GRUPO FINANCIERO BANORTE (GFNORTE) AND THE MEXICAN SOCIAL SECURITY INSTITUTE (IMSS) SIGNED AGREEMENTS TO MERGE THEIR RESPECTIVE AFORES (RETIREMENT SAVINGS FUND MANAGERS)

Aug 16, 2011

OTC Disclosure News Service

MONTERREY, NL –

As a follow up to the material event published on August 10th, 2011 informing that the Mexican Social Security Institute (IMSS) and Grupo Financiero Banorte S.A.B de C.V. (“GFNORTE”) (BMV: GFNORTEO) had started formal discussions in order to explore strategic alternatives to merge their respective Afores (Afore XXI, S.A. de C.V., “Afore XXI” and Banorte Generali, S.A. de C.V., Afore, “Afore Banorte Generali”), GFNORTE informs that the IMSS and Banco Mercantil del Norte, S.A. de C.V., (“Banorte”, GFNORTE’s subsidiary) signed an agreement today stipulating that the IMSS could buy a percentage of the shareholdings of Afore Banorte Generali through: i) the acquisition of 49% of the shares currently owned by Assicurazioni Generali, and ii) the acquisition of 1% of the shares currently owned by Banorte.  In the case of Banorte, the agreement stipulates that the bank will pursue the acquisition of 50% of Afore XXI’s shares currently owned by Prudential.

If the acquisition of the shares of each Afore materializes, the IMSS and Banorte signed a merger agreement that provides the basis to proceed with the merger of the two Afores.

Meanwhile, Banorte has made a bid to purchase the shares that Prudential owns of Afore XXI.  This transaction will be determined according to the average value of the total assets administered by the various Fund Managers of Afore XXI.

These agreements, the purchase of shares and the merger of the Afores, must have the approvals of the corresponding authorities.

GFNORTE reiterates its commitment to the financial community and investors to maintain modern and transparent in information disclosure, strictly in compliance with Mexico’s “Ley de Mercado de Valores” (Securities Market Law).

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The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/GBOOY/news?id=34345

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