From a meeting room on the 46th floor of Mexico City’s Torre Mayor, the tallest building in the country, Alejandro Valenzuela, CEO of Mexican bank Banorte, reports on the integration of Ixe, a competitor that the bank acquired in 2011 and which has offices in the skyscraper. Once fully completed, the deal is expected to create the third largest bank in the country.
“The challenge that the industry has from a structural basis is that if you do not generate enough scale you are in trouble,” says Mr Valenzuela. “But if you have too much scale, you are also in trouble – that is what we have seen from [the financial crisis].”
