Wells Fargo expands money transfer network in Mexico with Banorte

Source: Wells Fargo

Wells Fargo & Company (NYSE:WFC) and Grupo Financiero Banorte (BMV: GFNORTE) today announced a partnership that will increase by more than one third the number of banking locations in Mexico that can receive consumer remittance services from Wells Fargo banking stores in the United States.

This alliance will provide the beneficiaries of Wells Fargo's InterCuenta Express(R) customers with access to both a third more bank branches and ATMs in Mexico. The new partnership, with Wells Fargo's other banking agreements in Mexico, expands Wells Fargo's already sizable remittance distribution network to a combined total of over 4,000 banking stores and 10,700 ATMs in Mexico. Banorte, Mexico's fourth largest financial services institution, has over 1,000 branches and 2,500 ATMs throughout Mexico.

"We're very pleased to team up with Banorte, headed by our outstanding Banorte colleague Luis Pena Kegel, to provide even greater convenience to our customers and access for Banorte's U.S.- based clientele," said Dave Zuercher, group EVP of International, Correspondent Banking and Insurance Services for Wells Fargo.

For Banorte, Mexico's largest Mexican controlled bank, the alliance with Wells Fargo is part of a long-term strategy to connect Mexican families living in both countries. Last year, Banorte remitted over $600 million to Mexican beneficiaries. Banorte continues to develop products, services and partnerships that meet the specific requirements of this dynamic market.

"Providing the Mexican community and their families in the U.S. with quality financial services is one of Banorte's primary business objective. We are especially interested in turning the family remittance process into something simpler, more modern, safer and more cost efficient. Our agreement with a world class bank such as Wells Fargo, helps us achieve a milestone for our fellow citizens living here and in our neighbor country," said Luis Pena Kegel, Chief Executive Officer of Grupo Financiero Banorte.

According to Manuel Sescosse Varela, Managing Director of Banking at Banorte, "the partnership will allow us to enhance the financial services we offer to this market, and at the same time, it will strengthen our position in the family remittance sector."

Earlier this year, Wells Fargo increased its daily consumer remittance limit from $1,000 to $3,000, expanded its distribution channel by partnering with HSBC Mexico and reduced its remittance per transaction fee to Mexico from $10 to $8.

"Our alliance with Banorte is in line with our continued commitment to provide greater distribution choice, value, security and service to our customers," said Daniel Ayala, head of Wells Fargo Cross Border Payments.

Wells Fargo's InterCuenta Express(R) remittance service, created in 1995, allows customers to wire money from their Wells Fargo account directly to their beneficiary's account in Mexico, safely and conveniently via phone, banking stores, ATM, and online via wellsfargo.com. The InterCuenta Express(R) remittance distribution network in Mexico includes Banorte, HSBC
Mexico and BBVA Bancomer providing Mexican nationals with the most convenient remittance distribution alternatives.

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