IMSS and GFNorte Merge Retirement Fund Administrators to Create the Largest Mexican AFORE

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IMSS and GFNorte Merge Retirement Fund Administrators to Create the Largest Mexican AFORE

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IMSS and GFNorte merge retirement fund administrators to create the largest Mexican AFORE @BanorteRS


The Mexican Social Security Institute (IMSS) and Grupo Financiero Banorte (GFNorte) reached an agreement to merge their respective retirement fund administrators: Afore XXI and Afore Banorte, thereby forming the largest company of this type in the country completely with Mexican capital, having as its two equal shareholders, IMSS and GFNorte. The IMSS is a Mexican governmental body under the Secretariat of Health that oversees social security, pensions, and also deals with public health concerns.   The name of the new company will be "BANORTE Afore XXI."

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Thursday, December 29, 2011 - 2:00pm

CAMPAIGN: Valor Económico

CONTENT: Press Release

(3BL Media / theCSRfeed) - December 29, 2011 - The experience and the wide recognition that both the IMSS and GFNorte have in the area of financial services and social security provide a solid opportunity to add value to the asset formation of Mexican workers.

The newly created Afore will seek to exploit economies of scale to reduce average operating costs, in order to reduce its fees substantially for the benefit of workers in the next five years.

In this regard, the Director General of the IMSS, Daniel Karam Toumeh said that this merger will reduce the commission charged to customers of both Afore Banorte and Afore XXI to 1.33 percent "for the benefit of workers who have put their trust in us" he said.

Among the key benefits to customers of both Afore Banorte and Afore XXI  is the extensive operational experience that the teams of both companies have in the pension system, which minimizes operational risk in the transaction, accelerates the integration process and ensures the necessary human capital for developing and managing the growth plans of the new company.

The customers affiliated with both Afores will now enjoy an increase in the number of points of contact for customer service:  the clients of Afore XXI will now of access to the Afore Banorte office network, while Banorte customers can now conduct Afore transactions in the same premises where IMSS pension, retirement and other benefits are processed.



Grupo Financiero Banorte
Keywords: Sustainable Finance & Socially Responsible Investment | Banorte | BanorteRS | Banorte Responsabilidad Social | Fundacion Banorte | Grupo Financiero Banorte | RSE | Responsabilidad Social | Social Responsability | csr | sustainability

CAMPAIGN: Valor Económico

CONTENT: Press Release