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2010 Annual Report

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2010 Annual Report 2010 Annual Report GRUPO FINANCIERO BANORTE, S. A. B. DE C. V. Av. Revolución 3000, Col. Primavera. C. P. 64830 Monterrey, N. L., Mexico. This Annual Report was prepared in accordance with regulations applicable to companies issuing securities as well as other participants in the market with information for the fiscal year ending December 31st, 2010. The 2,018,347,548 "O" series shares of Grupo Financiero Banorte, S.A.B. de C.V. in circulation as of December 31st, 2010 were traded in the BMV under the symbol "GFNORTEO." The second to last paragraph of Article 86 of the Stock Market Law states that: Issuing companies with registered securities, must display in the prospectus, supplement or informative pamphlet, a legend that explicitly states that such registration does not imply a certification of the attractiveness of those securities, solvency of the issuer or the accuracy or truthfulness of the information contained in the prospectus, nor does it authenticate acts that, if the case, have been conducted in breach of these laws. This report is available on the Internet at www.banorte.com/ri. Select “Annual Reports”, in the Financial Information section, and then the document entitled “2010 Annual Report”. INDEX 1. GENERAL INFORMATION...................................................................................................................... 3 a) Glossary of Definitions and Terms......................................................................................................... 3 b) Executive Summary.................................................................................................................................. 4 c) Risk Factors............................................................................................................................................... 6 d) Other Securities......................................................................................................................................... 10 e) Significant Changes to Registered Securities’ Rights............................................................................... 10 f) Destination of Funds............................................................................................................................... 10 g) Public Documents.................................................................................................................................... 10 2. THE COMPANY........................................................................................................................................ 11 a) Development and History of the Issuer..................................................................................................... 11 b) Business Description................................................................................................................................. 14 i. Main Activities.................................................................................................................................. 14 ii. Distribution Channels...................................................................................................................... 15 iii. Patents, Licenses, Brands and other Contracts.............................................................................. 17 iv. Main Clients..................................................................................................................................... 19 v. Applicable Legislature and Tax Situation........................................................................................ 19 vi. Human Resources........................................................................................................................... 20 vii. Environmental Performance............................................................................................................ 20 viii. Market Information........................................................................................................................... 21 ix. Corporate Structure......................................................................................................................... 21 23 x. Description of Main Assets.............................................................................................................. 23 xi. Administrative, Arbitration and Judicial Processes.......................................................................... 23 xii. Representative Shares of Company Equity..................................................................................... 24 xiii. Dividends......................................................................................................................................... 3. FINANCIAL INFORMATION.................................................................................................................. 25 a) Selected Financial Information....................................................................................................... 25 b) Financial Information per Business Line, Geographical Region and Export Sales...................... 26 c) Report of Relevant Loans................................................................................................................ 28 d) Management Analysis and Comments of Operating Results and the Company’s Financial Situation.................................................................................................................................................... 29 i. Operating Results............................................................................................................................ 29 ii. Financial Situation, Liquidity and Capital Resources.................................................................... 40 iii. Internal Control................................................................................................................................ 53 e) Critical Accounting Estimates............................................................................................................... 54 4. ADMINISTRATION................................................................................................................................... 55 a) External Auditors.................................................................................................................................... 55 b) Operations with Related Parties or Conflicts of Interest.......................................................... 55 c) Managers and Shareholders................................................................................................................... 58 d) Corporate Bylaws and Other Agreements................................................................................................. 97 5. STOCK MARKET..................................................................................................................... 102 a) Share Structure................................................................................................................................. 102 b) Performance of Shares in the Stock Market.......................................................................... 102 c) Market Maker................................................................................................................................ 103 6. UNDERLAYING ASSETS.......................................................................................... ........................... 104 7. RESPONSIBLE OFFICERS................................................................................................................ 105 8. ANNEXES................................................................................................................................................ 107 a) Committee of Audit and Corporate Practices Report........................................................................... 107 b) Commissary Report................................................................................................................................ 110 c) Audited Financial Statements............................................................................................................ 110 2010 Annual Report (Circular Única CNBV), Grupo Financiero Banorte, S. A. B. de C. V. 2 1. GENERAL INFORMATION a) GLOSSARY OF TERMS AND DEFINITIONS ABM: Asociación de Bancos de México, A. C. (Mexican Bankers Association) ADE: Acuerdo de Apoyo Inmediato a Deudores (Agreement for Immediate Debtor Support) ADR’s: American Depositary Receipts Bancen: Banco del Centro, S. A. Bancrecer: Bancrecer, S. A. Banorte: Banco Mercantil del Norte, S. A. (Banco Mercantil del Norte, S. A.) Banorte USA: Banorte USA Corp., subsidiary of Banco Mercantil del Norte, S. A. Banxico: Bank of Mexico (Mexican Central Bank) BMV: Bolsa Mexicana de Valores, S. A. de C. V. (Mexican Stock Exchange) BPA´S: Bonos de Protección al Ahorro (Savings Bonds) Call Center: Call center for clients (Banortel) CC: Credit letters CEBUR: Certificado Bursátil (Stock Certificate) CEDES: Certificados de Depósito a Plazo Fijo (Fixed terms Certificates of Deposit) COFECO: Comisión Federal de Competencia Económica (Federal Commission of Economic Competition) Cetes: Mexican Federal Treasury Certificates CNBV: Comisión Nacional Bancaria y de Valores (National Banking and Securities Commission) CPO´s: Certificados de Participación Ordinarios (Ordinary Participation Certificates) D: Director DE: Director Ejecutivo (Executive Director) DG: Director General (Managing Director)
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