Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Banorte Advances After Signing Consulting Pact With IBM

Grupo Financiero Banorte SAB, Mexico’s second-largest publicly traded bank, rallied the most in a week after entering a consulting agreement with International Business Machines Corp.

The stock advanced 2.2 percent to 93.53 pesos at the close of Mexico City trading. It was the second-biggest advance on the Mexican IPC index of stocks, which fell 0.1 percent.

The 10-year agreement will allow Mexico City-based Banorte to cut costs as a percentage of revenue while increasing the bank’s return on equity to more than 20 percent, the companies said in a statement today on PR Newswire. Banorte’s ROE in 2012 was 14.3 percent, according to its year-end report.

“This is very good news,” Rafael Escobar, an analyst with Vector Casa de Bolsa SA in Mexico City who rates the shares buy, said in a telephone interview. “The investments in technology will be useful to Banorte.”

Under the agreement, Armonk, New York-based IBM will provide consulting, information technology and research and development to create a “client-centric banking model” for Banorte, according to the statement,

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.