Grupo Financiero Banorte
Grupo Financiero Banorte (the Banorte Financial Group) was founded in 1899 in Monterrey, Mexico, and today it is the third largest financial institution in the country, offering a wide range of products and services.
In 2008, the bank asked Interbrand to provide its first brand valuation, taking all of its business units into consideration. Years later, after it acquired Ixe Grupo Financiero, the group decided to monitor the progress of its total brand value and determine that of the Ixe brand as well.
Interbrand helped the firm calculate the economic value of the Banorte and Ixe brands across all segments and analyzed the role the brands played in driving consumer demand and bolstering the strengths of each business unit. Additionally, Interbrand provided a benchmark for the value of the brand (for both internal and external communications) and analyzed the financial performance of the brands by benchmarking other national and international institutions.
Interbrand undertook the project, answered the group’s business questions and provided strategic guidance to increase the value of Grupo Financiero Banorte’s brands. In spite of an economic slowdown in Mexico, Banorte continues to grow—and, as our research has shown, it can attribute some of that success to the strength of its brand.