GRUPO FIN BANORTE-SPON ADR Business Summary

Grupo Financiero Banorte (GBOOY) is the second-largest financial services group in Mexico, primarily generating revenue through net interest income from its extensive loan portfolio, transaction-based service fees, insurance premiums, and pension fund management. The company operates through four core segments: Retail Banking (consumer and SME lending), Wholesale Banking (corporate and investment banking), Government Banking, and "Ahorro y Previsión" (Savings and Protection), which includes the country’s largest pension fund, Afore XXI Banorte. As of July 2026, the group has successfully executed its "Vision 4, 5, 6" strategy, achieving high-density digital penetration through its neobank Bineo and the hyper-personalization of its consumer credit offerings. Banorte competes directly with BBVA México, Santander México, and Citibanamex, positioning itself as the leading domestically-controlled institution with a specialized focus on Mexican infrastructure and government sectors, often outperforming international peers in local agility and return on equity (ROE). The group’s contemporary foundation was established in 1992 when a consortium led by the late Roberto González Barrera acquired the bank during Mexico’s privatization era. Today, the leadership team is anchored by Chairman Carlos Hank González, a prominent financier with a pedigree from Grupo Industrial Hermes and Interacciones, and CEO José Marcos Ramírez Miguel, who brings over three decades of experience from senior roles at Santander and BNP Paribas. In a strategic leadership shift in July 2026, Tomás Lozano Derbez was elevated to Chief Financial Officer, reporting to COO Rafael Arana de la Garza, the primary architect of the bank’s technological and digital transformation. The company is governed by a 13-member Board of Directors, featuring a 62% independence ratio, and maintains a robust institutional investor base that includes major global asset managers attracted by the group’s strong capitalization and strategic alignment with Mexico’s nearshoring-driven economic growth.