Shareholdersof Grupo Financiero Banorte SABde CV approved the purchase of the company's shares of up to 3.95billion Mexican pesos, or equivalent to 1.5% of the group's marketcapitalization value as of December 2015, the bank said April 26.

Thetransaction will be charged against equity and will be carried out in 2016through April 2017.

Thecompany's shareholders also approved a board composed of 15 members and 15alternates. The slate of elected directors included Olga SánchezCordero, a former minister of Mexico's Supreme Court of Justice, and Thomas HeatherRodríguez, according to an El Economista report.

As of April 26, US$1 was equivalent to 17.45Mexican pesos.