Banorte to Defer Loan Payments After Mexico Hurricanes, CEO Says

Grupo Financiero Banorte SAB, Mexico’s third-biggest bank, plans to let its storm-afflicted clients delay loan payments after twin hurricanes struck the Latin American nation.

Mortgages and credit-card payments are among the products that may qualify for pushed-back payments, Banorte’s Chief Executive Officer Alejandro Valenzuela said today in remarks broadcast on Radio Formula.

At least 130 people were killed by twin hurricanes that battered Mexico on both coasts this month and caused landslides, Interior Minister Miguel Osorio Chong said yesterday on Radio Formula.

UBS AG (UBSN) is donating Mexico stock brokerage commissions today to the storm recovery effort through the charity Save the Children, Damian Fraser, the head of the bank’s Mexico business, said in a telephone interview.

To contact the reporters on this story: Jonathan Levin in Mexico City at jlevin20@bloomberg.net; Eric Martin in Mexico City at emartin21@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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