By June 2008, a total of 65 new branches and 600 new ATMs had been added to the existing network, making it the fourth largest banking network in Mexico.
In addition to enlarging its reach, Banorte has focused on introducing new deposit and lending products: Banorte Facile and Enlace Express target unbanked clients, Suma Banorte aims to attract further deposits and Enlace Global targets clients with more sophisticated needs.
It has formed partnerships with property developers and government agencies to develop new, accessible mortgage products, and has introduced new credit card offerings to expand its card business.
As a result of Banorte’s package of products and improvements, more than one million clients, almost 1.3 million savings accounts, and more than 50,750 business clients have been added to the customer base; net profits have grown by 10%, assets by 18%, and return on equity is a healthy 22.6%.
“Over the medium term and in spite of the difficult market environment, Banorte plans to continue growing its deposits by leveraging its recently expanded distribution network, as well as exploiting the relationships that it has established with new government and corporate clients,” says CEO Alejandro Valenzuela. “The bank plans to increase its cross selling indicators, focus on adequate risk management, and achieve more efficiency in its operations. Banorte also plans to keep taking advantage of the low bancarisation levels that prevail in the Mexican financial system.”
