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

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

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

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

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