Latest news with #Banorte
The Sun
4 days ago
- Business
- The Sun
World Cup stadium looks totally unrecognisable with cranes on pitch and seats ripped out
THE iconic Estadio Banorte looks unrecognisable as work on it's epic World Cup revamp continues. Mexico 's national stadium - where Diego Maradona scored his Hand of God goal against England in 1986 - will host the opening game of the 2026 World Cup. 8 8 8 The previously named the Estadio Azteca is undergoing changes in order to be fully modernised for next summer's tournament. The venue for the 1970 and 1986 World Cup finals, the stadium will become the first to host three World Cups when it puts on the 2026 competition, which will be played across Mexico, the United States and Canada. The stadium was renamed the Estadio Banorte as part of an £80million sponsorship deal in March. Owner group Ollamani received an £80million loan from Banorte, a major Mexican bank that will be repaid over 12 years. One of the development project's main goals is to maintain the historic identity of the ground, as capacity jumps from 81,000 to 90,000. New pictures show the turf completely torn up , with several cranes and trucks working to relay the dirt and mend the stands. The iconic exterior columns will be refurbished and enhanced with special lighting to highlight the architecture during night matches. But the biggest changes are happening inside the walls, with the stands currently grey after almost every seat was ripped up. The previous VIP area has been completely demolished and rebuilt, while new stands will tower over the old ones. Birmingham give update on new £3billion stadium as they announce major development 8 8 The changes will also see new locker rooms, referee zones, hospitality suites, a press room, and other facilities designed to meet Fifa's highest standards. Strict Fifa sponsorship rules, however, dictates that the stadium will still be referred to as Estadio Azteca throughout next year's World Cup. Closed since 2024 due to remodeling work, the Estadio Banorte is expected to finish construction later this year or in early 2026. The name change will mark the second in the stadium's 58-year existence after briefly being called Estadio Guillermo Canedo in 1997. It will be the biggest stadium used for the 2026 World Cup and is scheduled to host two of Mexico's three group matches, including the tournament's opening game on June 11 next year. Despite the stadium's prestige, only five of the tournament's 104 matches will take place in Mexico City. Mexican side Club America usually play their home games there. 8 8 8
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First Post
5 days ago
- Business
- First Post
Mexico faces economic instability as remittances from US plunge 12%
Analysts said the slump likely resulted from a broad crackdown on migration in the U.S. since President Donald Trump came to power in January, as authorities revoke some Biden-era protections and increase raids across the country read more Vehicles wait in line to cross border into the US at San Ysidro Port of Entry, Mexico. AP Remittances sent to Mexico slumped 12.1% in April compared to a year earlier, according to central bank data published on Monday, marking the steepest drop in over a decade as U.S. lawmakers mull a tax on such payments sent abroad. The world's second-largest recipient of remittances, Mexico receives these payments chiefly from migrants working in the neighboring United States. In April, Mexicans abroad sent fewer transactions and smaller payments, totaling $4.76 billion. Analysts said the slump likely resulted from a broad crackdown on migration in the U.S. since President Donald Trump came to power in January, as authorities revoke some Biden-era protections and increase raids across the country. STORY CONTINUES BELOW THIS AD The latest data marks the steepest year-on-year drop since September 2012, according to central bank data. Banco Base economic analysis director Gabriela Siller said April's drop was likely due to a weaker U.S. job market and migrants' fear of losing their jobs or being deported. 'The April remittance data is terrible,' she said in a post on X, attributing the drop to 'the deterioration of the labor market in the U.S. and U.S. migrants' fear of going out to work and sending their remittances, for fear of being deported.' Some 12.3 million Mexicans live abroad and 97% of them live in the United States, according to estimates last year from BBVA Research, which said 2024 marked Mexican remittances' 11th straight year of growth. The central bank said April, however, saw 8.1% fewer transactions than a year earlier - down to 12.4 million - while payment amounts were down 4.4% to average $385. U.S. senators are evaluating a bill that includes a proposed 3.5% tax on remittances. Analysts at Banorte predicted short-term disruptions if the measure is passed. 'If approved, we anticipate an increase in flows before it goes into effect, with the effect after that still very uncertain,' Banorte said in a note. Mexican officials have argued that taxing remittances could violate the countries' treaty to avoid double taxation, as migrants' income is already subject to local taxes. STORY CONTINUES BELOW THIS AD In 2024, Mexicans living abroad sent a record $64.75 billion home in remittances - largely from Texas and California to states in central and western Mexico. Through the first four months of 2025, the central bank recorded remittances of $19.02 billion, down 2.5% from last year.
Yahoo
21-05-2025
- Business
- Yahoo
Banorte, led by Chairman Carlos Hank-González, named best Latin American bank for innovation and technology by The Banker
Banorte won of the "Technology Awards 2025" The recognition highlights the technological advances in Banorte Móvil; the development of Artificial Intelligence in its Contact Center; and the promotion of financial inclusion for the visually impaired and the biometric verification process" MEXICO CITY, May 20, 2025 /PRNewswire/ -- Banorte was honored at the Latin American level at the Technology Awards 2025" of the prestigious international publication "The Banker". The award recognizes the technological advances in Banorte Móvil; the development of Artificial Intelligence in its Contact Center; and the promotion of financial inclusion for the visually impaired and in the biometric verification process. Banorte Móvil: Digitalization in the opening of automobile loans, increased remittance collection capacity for customers and non-customers, as well as the electronic opening of insurance policies. Artificial Intelligence: Through the Elina platform, the Banorte Contact Center consolidates 25 systems in one place, reducing the average customer service time from 10 minutes to 50 seconds. Financial Inclusion: The implementation of the voice-over functionality in the Banorte Móvil application allows more visually impaired customers to perform financial transactions independently. Banorte is the only bank in Mexico that has managed to expand its biometric verification process from using the index finger to the possibility of registering any of the 10 fingerprints. The above, thanks to a direct connection with the data centers of the National Electoral Institute. "We are very pleased to have received this award from The Banker. This award recognizes us as an innovative, inclusive, customer-focused financial institution and market leader in Latin America, said Carlos Hank González, Chairman of the Board of Grupo Financiero Banorte. To bestow these awards, The Banker evaluated more than 200 companies from various regions and different financial services categories. The Banker, the most important specialized publication for international banking, annually awards this prize, which is considered a standard of excellence. For more information about the award click here. About Banorte Grupo Financiero Banorte (GFNorte) offers financial services to individuals and corporations through its banking, brokerage, fund management, insurance, pension, leasing and factoring, warehousing, portfolio management and remittance businesses. In addition to being an active participant in the derivatives market. GFNorte also includes Afore XXI Banorte, the largest Afore in Mexico in terms of asset management. GFNorte is a public company listed on the main index of the Mexican Stock Exchange, and has 34,019 employees, 1,200 branches, 11,461 ATMs, 225,286 Point-of-Sale Terminals, and 19,719 correspondents. LinkedIn: Grupo Financiero Banorte Twitter: @GFBanorte_mx Facebook: Grupo Financiero Banorte View original content to download multimedia: SOURCE Banorte
Yahoo
21-05-2025
- Business
- Yahoo
Banorte, led by Chairman Carlos Hank-González, named best Latin American bank for innovation and technology by The Banker
Banorte won of the "Technology Awards 2025" The recognition highlights the technological advances in Banorte Móvil; the development of Artificial Intelligence in its Contact Center; and the promotion of financial inclusion for the visually impaired and the biometric verification process" MEXICO CITY, May 20, 2025 /PRNewswire/ -- Banorte was honored at the Latin American level at the Technology Awards 2025" of the prestigious international publication "The Banker". The award recognizes the technological advances in Banorte Móvil; the development of Artificial Intelligence in its Contact Center; and the promotion of financial inclusion for the visually impaired and in the biometric verification process. Banorte Móvil: Digitalization in the opening of automobile loans, increased remittance collection capacity for customers and non-customers, as well as the electronic opening of insurance policies. Artificial Intelligence: Through the Elina platform, the Banorte Contact Center consolidates 25 systems in one place, reducing the average customer service time from 10 minutes to 50 seconds. Financial Inclusion: The implementation of the voice-over functionality in the Banorte Móvil application allows more visually impaired customers to perform financial transactions independently. Banorte is the only bank in Mexico that has managed to expand its biometric verification process from using the index finger to the possibility of registering any of the 10 fingerprints. The above, thanks to a direct connection with the data centers of the National Electoral Institute. "We are very pleased to have received this award from The Banker. This award recognizes us as an innovative, inclusive, customer-focused financial institution and market leader in Latin America, said Carlos Hank González, Chairman of the Board of Grupo Financiero Banorte. To bestow these awards, The Banker evaluated more than 200 companies from various regions and different financial services categories. The Banker, the most important specialized publication for international banking, annually awards this prize, which is considered a standard of excellence. For more information about the award click here. About Banorte Grupo Financiero Banorte (GFNorte) offers financial services to individuals and corporations through its banking, brokerage, fund management, insurance, pension, leasing and factoring, warehousing, portfolio management and remittance businesses. In addition to being an active participant in the derivatives market. GFNorte also includes Afore XXI Banorte, the largest Afore in Mexico in terms of asset management. GFNorte is a public company listed on the main index of the Mexican Stock Exchange, and has 34,019 employees, 1,200 branches, 11,461 ATMs, 225,286 Point-of-Sale Terminals, and 19,719 correspondents. LinkedIn: Grupo Financiero Banorte Twitter: @GFBanorte_mx Facebook: Grupo Financiero Banorte View original content to download multimedia: SOURCE Banorte Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
08-05-2025
- Business
- Bloomberg
Mexico City to Invest $250 Million on World Cup Infrastructure
Mexico City is developing a financial structure to use as much as 5 billion pesos ($256 million) for new infrastructure works in preparation for games of the 2026 FIFA World Cup to be played in the capital, according to a top city official. The plan seeks to use the resources that would have been allocated to government advertising on permanent infrastructure projects, including upgrading a train line to the iconic Azteca stadium (now known as the Banorte stadium), a new electric trolleybus line as well as repairs to the city's main avenues and streets, said Juan Pablo de Botton, the capital's finance minister.
