The history of Banorte, the strong bank of Mexico
Banorte was born in Monterrey in 1899 and, after the 1992 banking privatization, became the largest Mexican bank still in local hands. This is the story of the bank that refused to sell out to foreign giants.
When you look at the map of Mexican banking, almost every big name has a foreign owner: BBVA is Spanish, Santander is Spanish, Banamex passed into Citi's hands. Banorte is the great exception. It is the large bank that remains Mexican, and that is why it proudly carries its slogan: the strong bank of Mexico. But reaching that position took more than a century and several bold moves.
Monterrey, 1899: a bank for industry
Banco Mercantil de Monterrey was founded in 1899 to finance the industrial expansion of the Monterrey region. Over time it grew into the largest of northern Mexico's regional banks, with around 125 branches.
Mexico's banking history took a sharp turn in 1982, when the fall in oil prices and the collapse of the peso led the government to nationalize the banks. In 1986, amid that context, Banco Mercantil de Monterrey merged with Banco Regional del Norte and took the name Banco Mercantil del Norte, forever shortened to Banorte.
1992: Don Maseco buys a bank
The decisive moment came with the banking re-privatization of the early nineties. In 1992, the government sold 66% of Banorte for 1.78 billion pesos —about 567 million dollars— to a group led by the Monterrey businessman Roberto González Barrera.
González Barrera was no ordinary buyer: he was the chairman of Gruma, Mexico's largest producer of corn flour and tortillas, owner of the Maseca brand. Hence his nickname, Don Maseco. His arrival marked the start of Banorte's transformation from a regional bank into a national player.
Growing by buying: the acquisition strategy
Banorte built its size by absorbing other banks and financial groups, one after another, across three decades.
- Bancen in 1996 and Banpaís in 1997, its first major integrations.
- Bancrecer in 2001, which catapulted it into the country's banking first division.
- Ixe in 2011, which lifted it to third place in the system and strengthened wealth banking.
- Interacciones in 2018, which cemented it as the country's second-largest financial group by assets.
Along the way, Banorte also built Mexico's largest retirement fund manager: Afore XXI Banorte, reinforced in 2013 with the purchase of Afore Bancomer.
The Hank family takes the helm
In 2014, Carlos Hank González was named chairman of the board. He is part of the Hank family business dynasty, tied to Grupo Hermes and a long history in Mexican politics and business. Under his leadership, Banorte bet on digitalization.
On February 1, 2024, Hank González launched Bineo, presented as Mexico's first 100% digital bank with its own license. The target was ambitious: 2.8 million clients in five years.
The launch of Bineo is a great milestone in the history of Grupo Financiero Banorte that will allow us to meet all needs: those who prefer a human-digital combination and those who seek 100% digital banking. — Carlos Hank González, chairman of Banorte
But the digital bet did not pan out. Bineo never reached profitability and in 2025 Banorte agreed to sell the bank to the Mexican fintech Klar. A reminder that even the big players do not win every bet.
The bank that chose not to buy Banamex
When Citigroup put Banamex up for sale, many expected Banorte —the natural Mexican buyer— to claim the prize. Yet in October 2022, Banorte withdrew from the bidding process without explanation. The chance to unite two Mexican giants vanished, and the Banamex sale went on its own long road.
What Banorte's story leaves behind
Listed on the Mexican Stock Exchange under the ticker GFNORTE, Banorte closed 2024 with assets near 1.83 trillion pesos and remains among the country's four largest commercial banks. But its defining trait is not size, but nationality: it is the great bank that stayed home.
Its story teaches that growing does not always mean selling to the highest foreign bidder. Sometimes, patience, well-chosen acquisitions and a clear identity build something more valuable: an institution that endures under its own control for more than a century.
Sources
- Reuters (via Yahoo Finance) — https://finance.yahoo.com/news/mexicos-banorte-drops-bidding-citis-120319573.html
- PR Newswire — https://www.prnewswire.com/news-releases/banorte-chairman-carlos-hank-gonzalez-launches-bineo-the-first-100-digital-bank-in-mexico-302051057.html
- FundingUniverse — https://www.fundinguniverse.com/company-histories/grupo-financiero-banorte-s-a-de-c-v-history/
- Statista — https://www.statista.com/statistics/858557/leading-banks-mexico-total-assets/
- Expansión — https://expansion.mx/economia/2025/12/29/bineo-el-banco-digital-de-banorte-que-nunca-fue-rentable