Grupo Financiero Banorte SAB de CV : FITCH UPGRADES GFNORTE'S, BANORTE'S AND OTHER SUBSIDIARIES' INTERNATIONAL AND NATIONAL LONG-TERM RATINGS WITH STABLE OUTLOOK.
Monterrey, N. L., March 24, 2014. Grupo Financiero Banorte, S.A.B. de C.V. ("GFNORTE") (BMV: GFNORTEO) informs the investment public that on March 21, Fitch Ratings upgraded GFNORTE's and other subsidiaries' international and national long-term ratings, as a result of its annual review, maintaining their stable outlook.
The upgrade in GFNORTE'S ratings considers its consolidating franchises, the improved business profile after recent acquisitions and the extinction of double leverage after the public offering.
As for Banco Mercantil del Norte ("Banorte"), the upgrades are driven by the material improvement in the bank's capital structure, strengthening business, growing competitive position, adequate financial performance and revenue diversification.
Ratings for GFNORTE'S subsidiaries Arrendadora y Factor Banorte, Almacenadora Banorte and Casa de Bolsa Banorte Ixe were improved given their core role in GFNORTE's strategy and business profile.
The detailed ratings granted by Fitch are as follows, all of them with stable outlook:
GFNORTE reiterates to the investment public that it expects to continue adopting the best international corporate practices regarding Corporate Governance and information disclosure. The Financial Group expects to maintain its strategic and expansion plans to consolidate a leading institution in Mexico; in this sense, we will timely inform the investment community regarding the strategy execution and evolution of our operations. The Finance and Investor Relations Department is available for any inquiry or comment regarding this material event at: investor@banorte.com or at the number (55) 52.68.16.80.
Grupo Financiero Banorte SAB de CV is a Mexico-based financial institution (the Bank) engaged in the banking sector. The Bank operates in four business sectors: Banking, Savings, Brokerage and Other financial services. The Banking division provides current accounts, consumer and commercial loans, as well as credit and debit cards, among others. The Savings division offers products related to insurance and pension schemes. The Brokerage division focuses on the investment funds management and securities trading. The Other financial services division includes leasing, factoring, portfolio management and warehousing, among others. The Bank offers financial products and services to individual and business customers. It operates through a number of subsidiaries, such as Almacenadora Banorte SA de CV Organizacion Auxiliar del Credito Grupo Financiero Banorte, Casa de Bolsa Banorte IXE SA de CV Grupo Financiero Banorte and Ixe Servicios SA de CV.
Grupo Financiero Banorte SAB de CV : FITCH UPGRADES GFNORTE'S, BANORTE'S AND OTHER SUBSIDIARIES' INTERNATIONAL AND NATIONAL LONG-TERM RATINGS WITH STABLE OUTLOOK.
GRUPO FINANCIERO BANORTE, S.A.B. DE C.V. 
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