November 12, 2018 / 5:59 PM / in a month

Shares of Mexico's Banorte slide on proposal to regulate bank fees

MEXICO CITY, Nov 12 (Reuters) - Shares of Mexican bank Grupo Financiero Banorte fell more than 8 percent on Monday on uncertainty over a bill in Congress that would cut bank commissions.

Shares of Banorte, the bank with the biggest weight in Mexico's benchmark S&P/BVM IPC index, fell as low as 95.50 pesos in morning trading.

Mexican media reported over the weekend that lawmakers from MORENA, the leftist party of President-elect Andres Manuel Lopez Obrador, are still backing the proposal in the Senate despite concerns in the banking sector.

Late last week, Lopez Obrador signaled he would not support the proposal to limit bank commissions, providing some reassurance to investors after stocks had sunk to their lowest level in more than 2-1/2 years. Lopez Obrador takes office on Dec. 1. (Reporting by Sheky Espejo and David Alire Garcia; editing by Grant McCool)

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