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After Interacciones deal, Banorte CEO rules out future inorganic growth

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After Interacciones deal, Banorte CEO rules out future inorganic growth

Grupo Financiero Banorte SAB de CV has no further plans for inorganic growth following its pending purchase of Grupo Financiero Interacciones SAB de CV, a deal that will make it Mexico's second-biggest bank, CEO Marcos Ramírez Miguel reportedly said.

"The critical mass we [will] have now is sufficient," Ramírez said in an interview with El Economista, noting that he is confident the deal will garner regulatory approval. But while the executive doesn't expect Banorte to pursue more deals, he predicted the Mexican financial system would continue to see consolidation, following a broader international trend.

In acquiring Interacciones, Banorte's short-term goals include transforming itself into a leading digital bank with a focus on the infrastructure of state financing, one of Interacciones' key business lines, and a full-scale technological overhaul of its branch network, Ramírez said.

The integration process between the two banks could be set by the end of the first half of 2018, Interacciones' CEO recently commented.