MEXICO CITY (Reuters) - Mexico’s Grupo Financiero Banorte is close to announcing a partnership between its retirement fund, called Afore XXI-Banorte, the Canadian group Caisse de depot et placement du Quebec, and other Mexican retirement funds for infrastructure projects, Banorte’s board president said on Wednesday.
In an interview with Reuters at a Banorte event, Carlos Hank Gonzalez declined to discuss the details of the alliance with Caisse [CDPDA.UL] but said “it will be announced soon.”
Gonzalez added that the fund will be 100 percent focused on infrastructure.
A representative for Caisse in Quebec declined to comment.
In March, the CEO of Banorte (GFNORTEO.MX) told Reuters that the bank was preparing to launch a $3 billion joint infrastructure fund with a North American partner, which he declined to name.
Caisse already has a partnership with the Mexican construction firm ICA (ICA.MX) to operate highway projects.
Recently, the firm CKD Infraestructura informed the Mexican stock exchange it released $200 million in CKDs, a financial instrument used to invest in infrastructure projects in Mexico, and the firm identified Caisse as a potential co-investor.
Grupo Financiero Banorte operates the fourth-largest bank in Mexico, according to its assets, and is the biggest bank in the country controlled by Mexican shareholders.
Reporting by Tomas Sarmiento; Editing by Bernard Orr