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Banorte expects Mexico's Cofece to approve Interacciones merger by Q2'18

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Banorte expects Mexico's Cofece to approve Interacciones merger by Q2'18

Grupo Financiero Banorte SAB de CV expects Mexico's federal competition commission, Cofece, to authorize its merger with Grupo Financiero Interacciones SAB de CV by the end of the second quarter of 2018, El Financiero reported, citing comments from Banorte CEO Marcos Ramírez.

Banorte is also confident that the federal antitrust agency will approve the merger despite a concentration in the government credit segment, as mentioned in a report by Grupo Financiero Banamex SA de CV.

Interacciones' current credit portfolio to states and municipalities includes credits to different political parties, which are guaranteed by transfers from the federal government and are considered low risk, Ramírez said. Transparency regarding the level of indebtedness of local governments has also been increased, he added.

Mexico will hold its presidential election at the start of the third quarter of 2018. Ramírez noted that regardless of the election's result, infrastructure projects have solid growth potential in the coming years.