MEXICO - Mexican bank Grupo Financiero Banorte SAB has agreed to merge its pension fund with Afore XXI, the pension fund half owned by the Mexican Social Security Institute (IMSS) and Prudential.
Under the agreement, the IMSS will acquire half of Banorte's fund, which is 49% owned by the Italian Assicurazioni Generali, with the remaining 1% stake owned by the bank. Meanwhile, Banorte wil...
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