Banorte Eyes Bineo Sale or Merger Amid Digital Shift

Banorte is considering the sale or internal merger of its digital bank, Bineo, launched in January 2024, as part of a move toward a unified digital strategy, the bank announced during its 1Q25 earnings presentation.

Marcos Ramírez Miguel, CEO, Grupo Financiero Banorte, confirmed the review of Bineo’s future, stating that the decision aligns with the group’s focus on a hyper-personalized digital strategy. He emphasized that Bineo’s performance has met expectations for an early-stage digital bank and that the evaluation is not a result of underperformance.

Five years ago, Banorte adopted a three-pronged digital strategy: accelerating digital transformation within its core bank operations, partnering with Rappi to launch RappiCard, and creating Bineo as a fully digital bank. The current shift aims to consolidate these initiatives into one streamlined platform.

In an interview with MBN, Victor, Moya, Co-Founder and CEO, Bineo, shared that the bank’s initial goal was to acquire between 2.5 million and 3 million clients within five years of its launch. The focus for 2025 includes launching new products based on customer feedback. Bank directives reaffirm the commitment to personalized offerings, ensuring Bineo “remains a real solution for customers’ financial needs.”

Ramírez indicated that Bineo’s assets and strategic components are being assessed for potential integration or sale. While no final decision has been made, the bank plans to announce its course of action later this year. He also confirmed that several entities, including those seeking banking licenses, have expressed interest in Bineo.

“What we are doing now is focusing our efforts and bringing all of our digital expertise into a single direction,” Ramírez said.