Banorte acquires Uruguayan More as part of its Latam development

Banorte Financial Group (GFNORTEO), one of Mexico’s largest banks, has agreed to purchase More Payment Evolution, a Uruguayan international payments provider, as part of its remittances regional diversification plan.

The South American firm will join UniTeller Financial Services, a Banorte subsidiary focusing on cross-border payment services, according to a statement issued by the bank’s CEO, Carlos Hank González.

The financial parameters of the acquisition, which include 100% of the Uruguayan company’s share capital, were not disclosed. The transaction is subject to the satisfaction of certain requirements, which were not disclosed.

More, which was created in 2003, employs little over 150 people who operate in five regional teams.

The acquisition is UniTeller’s second in Latin America this year, after the acquisition of the Guatemalan gift card platform Oh My Card! in April.