Mexico's Banorte to pay out over 2 bln pesos in dividend

Reuters

MEXICO CITY, Oct 15 (Reuters) - Mexico's fourth-largest bankby assets, Grupo Financiero Banorte, on Tuesdaysaid it will make a dividend payout of over 2 billion pesosfollowing its massive capital raise in the summer.

The payout, for 2.179 billion Mexican pesos ($167.85million), is equivalent to 0.7852 pesos per share and it will bepaid in four installments of 0.1963 pesos, the company said.

The dividend payout dates will be Oct 23, January 23, April23 and July 23, the company said.

The bank completed a $2.18 billion capital raise in July toboost its capital position and pay for recent acquisitions.

Shares in Banorte, which has been expanding aggressivelythrough acquisitions of pension fund assets and a boutique bankin recent years, were up 0.15 percent at 82.32 pesos inafternoon trading.

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