August 26, 2015 / 10:24 PM / in 2 years

Mexico's Banorte to announce investment fund with Canada's Caisse

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.

The Caisse de depot et placement du Quebec (CDP) building is seen in Montreal, February 26, 2014. REUTERS/Christinne Muschi

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

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