MONTERREY, Mexico — Mexico's fifth-largest banking group, Grupo Financiero Banorte, is looking at buying a second bank in Texas, Mexican newspaper Milenio reported Monday.
Banorte could buy a bank in Houston early next year, Roberto Gonzalez Barrera, Banorte's president and controlling shareholder, told the newspaper.
Banorte closed its acquisition of a 70% stake in McAllen-based INB Financial Corp. for $259 million in November as part of its strategy to offer financial services to Mexicans living in the U.S. and mortgages to U.S. citizens who want to buy property in Mexico.
INB has about 18 branches in El Paso and McAllen.
Banorte Chief Executive Luis Pena said during a conference call with analysts in April that Banorte could acquire another bank in the U.S. this year or in 2008.
Banorte, Mexico's last big locally owned bank, reported third-quarter net profit of 1.71 billion pesos ($159.7 million).
Its O shares trading on the Mexican stock market closed up 0.5% Monday at MXN49.64.
