Grupo Financiero Banorte, S.A. de C.V.

completed

Grupo Financiero Banorte is a Mexican financial services holding company formed in 1993 and headquartered in Monterrey, Mexico. GFNorte, through its consolidated subsidiaries, while principally engaged in commercial and retail banking, is also engaged in brokerage, factoring, leasing, warehousing, pension funds management, insurance and annuities. As of December 31, 2000 GFNorte on a consolidated basis had total assets of US$11.0 billion equivalent and shareholders'' equity of US$880 million.The proposed project consists of an up to US$50 million A Loan and up to US$100 million B Loan to Banco Mercantil del Norte, a subsidiary of Grupo Financiero Banorte. The proceeds would be used to finance long-term leases of industrial complexes and related community infrastructure built and maintained by local development companies. These industrial complexes are normally leased by export-oriented companies as well as suppliers of export-oriented companies. By providing long-term funds that are currently not available to Banorte for this purpose, IFC will indirectly support Mexico''s most dynamic economic sector. The project complements Banorte''s strategic presence in and knowledge of this market, and will have a strong development impact in Mexico.