Following this announcement, officials of the Mexican lender mentioned that it would either sell or fuse Bineo, as a part of a larger overhaul of the bank’s digital strategy in order to cut costs and simplify operations.
In addition, the company also mentioned that Bineo, which lost USD 14.12 million in the first quarter, could also be brought under the Banorte umbrella or sold, with a final decision to be made later in 2025.
According to officials of the institution, if Bineo were to be fused into Banorte, it would also bring its clients and technology with it, and could face a name change. At the same time, the option would also be the most convenient for the firm. Alternatively, Banorte will also have the possibility to sell Bineo’s banking licence for around what it has invested in the fintech, representing USD 100 million.
In addition, the consolidation would also mean Banorte’s digital initiative, including its Rappi credit card venture and the Banorte Movil app, will be offered as a single solution instead of three separate products. Banorte will continue to focus on its expected loan book development of the year, as officials of the institution still expect Latin America’s No.2 economy to grow.
It was also mentioned that Banorte was fully involved in President Claudia Sheinbaum's calls for banks to lower their overall lending rates, and that the firm is expected to adjust its rates in line with the central bank's monetary policy decisions. The bank will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritisig the process of remaining compliant with the regulatory requirements and laws of the industry as well.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now