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

October 15, 2013

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

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

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

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

Shares in Banorte, which has been expanding aggressively through acquisitions of pension fund assets and a boutique bank in recent years, were up 0.15 percent at 82.32 pesos in afternoon trading.