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Following acquisition Banorte cut 362 Interacciones jobs, not 500, CEO says

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Following acquisition Banorte cut 362 Interacciones jobs, not 500, CEO says

Grupo Financiero Banorte SAB de CV has only cut 362 employee positions at newly acquired Grupo Financiero Interacciones SAB de CV and not 500 jobs, CEO Marcos Ramírez Miguel said in a conference with investors, El Economista reported.

The executive said the move had been a part of necessary "reduction" measures during the integration of the companies.

The comments come after a Reuters report said Banorte had cut around half of Interacciones' workforce, or 500 jobs, including those of banking unit head Gerardo Salazar, the head of the bank's institutional business, Ignacio Zubiria, and head of brokerage operations Adolfo Herrera.

During the second-quarter earnings conference call it was also revealed that Grupo Financiero Interacciones CEO Carlos Rojo was appointed as Banorte's new general director of infrastructure and project development.

The announcements come only weeks after Banorte completed its US$1.44 billion acquisition of the Mexican lender, a deal that created the second-largest bank in Mexico. On July 26, Banorte reported a 26.6% rise in its second-quarter profit.