Overview

• Banorte signed a share purchase agreement to transfer 100% of Bineo to Clearscope Holdings, a subsidiary of Klar Holdings Limited.
• The transaction includes Bineo’s banking license, which would move Klar closer to operating as a licensed bank in Mexico if regulators approve.
• Closing is contingent on authorizations from SHCP and CNBV, the competition authority Cofece, and a favorable opinion from Banxico.
• Banorte did not disclose the sale price and said it will provide further details once regulatory approvals are obtained.
• The move follows Bineo’s limited traction after its January 2024 launch and Banorte’s decision to consolidate digital capabilities after pausing new sign-ups earlier this year.