EconomyLAST MINUTE: Bineo is Banorte's new digital bank

LAST MINUTE: Bineo is Banorte's new digital bank

Banco Bineo SA is the name of the new institution of Grupo Financiero Banorte, which will be a fully digital company.

The name of the company will be Banco Bineo SA, Institución de Banca Múltiple, Grupo Financiero Banorte, which will have an indefinite duration and its corporate purpose will include the performance of all activities and the provision of services indicated in article 46 of the Law of Credit Institutions, says the Official Gazette of the Federation this Monday.

The new bank will have its fiscal domicile in Mexico City and will have a share capital of 1,675 million pesos (mdp).

At the beginning of the month, Banorte explained that this new business represents an important step in the consolidation of its medium-term corporate strategy, as well as the search for its leadership in the Mexican digital market.

Banorte is one of those interested in buying Banamex and joins institutions such as Banregio that also seek to separate the business from traditional banking with banks that operate 100% digitally.

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