Background on Marcos Ramírez Miguel and Banorte
Marcos Ramírez Miguel, the General Director of Grupo Financiero Banorte, has announced that the bank is currently evaluating the sale or merger of its digital bank, Bineo. Launched just over a year ago in January 2024, Bineo has been operating within the financial group without any significant issues.
Banorte’s New Digital Strategy
During a press conference presenting the first-quarter results of 2025, Ramírez Miguel explained that this decision is part of Banorte’s new comprehensive digital strategy, driven by hyperpersonalization. He emphasized that after analyzing customer behavior and preferences for several years, the bank believes this approach will best position them for success.
Key Components of the New Strategy
- Continue strong investment in technology and talent.
- Acquire 100% of RappiCard to enhance its value and transform it into a multi-product business, strengthening the partnership with Rappi.
- Integrate Bineo’s learnings and strategic components, including the potential sale or merger with other group entities.
- Launch a new digital proposal targeted at young customers, focusing on ease of use and combining Banorte’s tools, products, and learnings.
Interested Parties and Market Adaptation
Ramírez Miguel clarified that no final decision has been made regarding the sale or merger of Bineo, but it is expected to be announced this year. He mentioned that there are interested institutions “knocking on the door,” as digital entities aim to obtain banking licenses.
Banorte’s current approach, according to Ramírez Miguel, is adapting to the market changes. Five years ago, the bank pursued various alternatives; now, they focus on a single path.
Key Questions and Answers
- What is Banorte evaluating? The sale or merger of its digital bank, Bineo.
- Why is Banorte considering this move? To consolidate efforts through a comprehensive digital strategy driven by hyperpersonalization, leveraging the bank’s scale and technological capabilities.
- What are the key components of Banorte’s new digital strategy? Continued investment in technology and talent, acquiring RappiCard, integrating Bineo’s learnings, and launching a new digital proposal for young customers.
- When will the decision be made regarding Bineo’s future? It is expected to be announced this year.
- Why is Banorte adapting its strategy? To align with market changes and focus on a single path for success.
