“We are waiting for the last phase of approvals from the authorities,” added the manager about the digital bank.
Rafael Arana, the lender’s chief finance officer, said the digital bank has 200 employees, which could increase to 600-800 upon opening.
The business will compete with Brazilian neobank Nubank, which has expanded aggressively in Mexico and has captured 3.2 million clients.
In December, Nubank, the largest fintech in Latin America, announced a $330 million capitalization in Mexico in a push to expand.
Banorte’s digital bank plans to add three million clients after learning from its experience offering credit card applications via mobile phones, Arana said.
On the other hand, Banorte expects loan growth of 7% to 9% in 2023, slowing down from 12% last year, Hank González said.
“The world is not a stable place at all, we have to be cautious in targeting,” Arana said, citing the risk of an economic slowdown in the United States.
