Banorte is now the bank to watch in Mexico. It is the only 100% Mexican-owned institution left in a market that is receiving a strong vote of confidence from outsiders, most recently shown by Spain’s BBVA offering $4.1bn for the 40% of Bancomer it does not already own.

For some time Banorte, Mexico’s fourth-largest commercial bank, has kept at bay foreign players who saw it as ripe for takeover. Bank executives appeared determined to put the institution on a strong footing themselves, rather than give up control to an outside group.

CEO Othón Ruiz is largely credited for polishing Banorte’s profile. Investors admired how he guided the bank through Mexico’s 1994-95 financial crisis, directed a number of acquisitions, and added shareholder value.

In February came news that Mr Ruiz was leaving Banorte. Rather than delivering a blow of uncertainty to the bank, local analysts interpreted it as him declaring “mission accomplished”.

“Ruiz had a strong hand in lifting the bank’s profile and giving it a solid footing,” says Juan José Reséndiz, an analyst at Arka brokerage in Mexico City. “He’s now finished his job and feels comfortable leaving. This signals to the market that Banorte is in the position to take offers. The bank is also hoping that it will fetch a stronger price now than it would have before. The market is hungry and Banorte is the only bank left to buy.”

Still, aware of the possible market jitters, Mr Ruiz gave an upbeat talk the day after resigning. He predicted that the financial group’s credit could rise as much as 20% this year, and also reminded outsiders that Banorte’s fourth-quarter net earnings in 2003 surged 30% to $51m. It helps that Mr Ruiz, who cites personal reasons for his resignation, will stay on at Banorte until his successor is named, thus hushing any talk that it will run rudderless.

To date, no foreign bank has firmed up an interest in acquiring Banorte. But takeover talk will inevitably heat up, prompted both by the BBVA offer and the fact that Mexico boasts one of Latin America's most stable operating environments.

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