Grupo Financiero Banorte in $2.5 Billion Follow-On Equity Offering

Cleary Gottlieb represented Morgan Stanley and Merrill Lynch as representatives of the initial purchasers in the follow-on equity offering by Grupo Financiero Banorte, S.A.B. de C.V., in the international capital markets. The transaction, the largest Mexican equity offering to date in 2013, consisted of an offering of 447,371,781 common shares, which included an additional 58,352,841 shares purchased pursuant to the over-allotment options granted by Grupo Financiero Banorte to the initial purchasers and the Mexican underwriters. The common shares were offered in a global offering consisting of a public offering in Mexico through the Mexican Stock Exchange and a private placement in the United States under Rule 144A and outside of the United States in reliance on Regulation S. The common stock is listed on the Mexican Stock Exchange under the symbol “GFNORTEO.”

The transaction launched on July 4 and priced on July 16. The initial purchasers and the Mexican underwriters notified Grupo Financiero Banorte of their intention to exercise the over-allotment options on July 17. The offering price was Ps.71.50 per share. The transaction closed on July 22.

Proceeds from the offering to Grupo Financiero Banorte were approximately Ps. 27,132 million (approximately US$2.195 million) after deducting the fees and expenses payable by the company.

Grupo Financiero Banorte is the third largest financial services group in Mexico. It provides a wide range of financial and related services mainly in Mexico, principally in the areas of commercial banking, long-term savings and brokerage services.