Monterrey, N.L., May 29, 2014. Grupo Financiero Banorte, S.A.B. de C.V. ("GFNORTE") (BMV: GFNORTEO) informs the investment public that today, HR Ratings ratified Banco Mercantil del Norte, S.A.'s ("Banorte") HR AAA and HR+1 Long and Short term ratings, respectively, as well as BANORTE 12 Subordinated Debt with HR AA+. All the aforementioned have a stable outlook.
The main factors considered were: the solid financial position reflected in adequate levels of solvency, profitability, liquidity position, improvement in efficiency ratios and an adequate revenue generation from the loan portfolio, which they considered as well distributed in terms of geographic location and customers.
GFNORTE reiterates to the investment public that it expects to continue adopting the best international corporate practices regarding Corporate Governance and information disclosure. The Financial Group expects to maintain its strategic and expansion plans to consolidate a leading institution in Mexico; in this sense, we will timely inform the investment community regarding the strategy execution and evolution of our operations. The Finance and Investor Relations Department is available for any inquiry or comment regarding this material event at:
investor@banorte.comor at the number (55) 52.68.16.80
Grupo Financiero Banorte SAB de CV is a Mexico-based financial institution (the Bank) engaged in the banking sector. The Bank operates in four business sectors: Banking, Savings, Brokerage and Other financial services. The Banking division provides current accounts, consumer and commercial loans, as well as credit and debit cards, among others. The Savings division offers products related to insurance and pension schemes. The Brokerage division focuses on the investment funds management and securities trading. The Other financial services division includes leasing, factoring, portfolio management and warehousing, among others. The Bank offers financial products and services to individual and business customers. It operates through a number of subsidiaries, such as Almacenadora Banorte SA de CV Organizacion Auxiliar del Credito Grupo Financiero Banorte, Casa de Bolsa Banorte IXE SA de CV Grupo Financiero Banorte and Ixe Servicios SA de CV.