Banorte to create $3 billion infrastructure investment vehicle
The Banco Mercantil del Norte (Banorte), a major bank in Mexico, has announced plans to create a US$3 billion infrastructure investment vehicle in the next few months.
According to CEO José Marcos Ramírez, the bank will take on the project with a North American partner. The Afore XII-Banorte fund will provide 50% of the funds while the North American partner will provide the remaining 50%.
The name of the partner has not been disclosed but sources have informed that it could be Canada's second-largest pension fund, Caisse de depot et placement du Quebec.
The Finance Minister of Mexico, Luis Videgaray, has recently appealed private sector to invest in domestic infrastructure projects to stimulate growth, which is expected to be hit by the fall in oil prices.
Grupo Financiero Banorte, S.A.B. de C.V. is a bank holding company domiciled in Monterrey, Nuevo León, México with approximately US$77 billion in total assets as of December 31, 2013.
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