Banorte creates Mexico’s largest pension fund with AFORE buy

Covington & Burling LLP’s New York and Washington, DC offices; the Mexico City and New York offices of Haynes and Boone LLP; and Jones Day (Mexico) are advising Grupo Financiero Banorte and its private pension fund affiliate AFORE XXI Banorte, in the acquisition of AFORE Bancomer from Spain’s BBVA for US$1.6 billion – creating the largest pension fund in Mexico.

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