June 29, 2018 / 1:28 AM / 3 months ago

Banorte says competition watchdog approves Interacciones takeover

MEXICO CITY, June 28 (Reuters) - Mexico's competition authority has approved Grupo Financiero Banorte's purchase of peer Grupo Financiero Interacciones, Banorte said in a statement on Thursday.

The Federal Commission for Economic Competition, or Cofece, had notified both banks that the takeover announced last October could go ahead, Banorte said. The process would be completed by July 31, 2018, the statement added.

Reporting by Dave Graham

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