MEXICO · COMPANIES
Key Facts
- The country Mexico runs a mandatory private retirement-savings system in which every formal worker has an individual account managed by a licensed company called an Afore.
- What happened Mexico’s pension regulator named Afore XXI Banorte, the pension arm of Grupo Financiero Banorte, to run 9,417,381 accounts that no worker has yet claimed.
- The money The accounts hold more than MXN 121 billion (about US$6.6 billion), roughly MXN 12,800 (about US$700) in each account.
- The term The assignment lasts six years, and the money itself stays at Mexico’s central bank, Banco de México.
- The result The company says it becomes the Afore with the most accounts in the system, after a tender the regulator ran in 2026.
- Power Index Mexico ranks 2nd of 14 in The Rio Times Latin America Power Index, with 71.4 points (October 2026 edition).
Banorte pension accounts are set to grow by 9.4 million after Mexico’s regulator picked Afore XXI Banorte to run unclaimed savings accounts. The assignment was reported from Sunday 18 October, and El Financiero carried the company’s account on Wednesday 21 October 2026.
For US readers the story is about money that Mexican workers, including many who later moved north, may have left behind. The accounts hold more than MXN 121 billion (about US$6.6 billion), and the winner will try to find their owners.
What the Regulator Handed to Banorte
The National Commission for the Retirement Savings System, known as CONSAR, named Afore XXI Banorte the new service provider for 9,417,381 individual accounts. Expansión reported the decision on Monday 19 October, and 24 Horas had it a day earlier.
Together the Banorte pension accounts hold more than MXN 121 billion (about US$6.6 billion at 18.44 pesos to the dollar on 21 October 2026). That works out at roughly MXN 12,800 (about US$700) for each account.
How the Tender Worked
CONSAR opened the tender in July 2026 for 9,315,584 accounts, according to Fortuna y Poder. They held about MXN 118,958 million (about US$6.45 billion) at the end of May.
Participants had to offer the lowest fee, which had to beat the current charge. The term is 72 months, or six years, and CONSAR can add up to 12 more.
Live Company IntelligenceGrupo Financiero Banorte S.A.B. de C.V — the full investor dossierInside: live share price, market cap, three-year financials, valuation, ESG and peer benchmarks — plus the latest Rio Times coverage.
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Grupo Financiero Banorte
MX: GFNORTEOGFNORTEFinancial ServicesBanks – Regional35,701 employees
MX$569.25B
Market cap
Valuation & profitability
Market capMX$569.25B
Revenue (TTM)MX$144.44B
P / E ratio9.5
Profit margin41.5%
Return on equity23.5%
Price & risk
52-wk low
$155.0752-wk high
$209.22
Beta (volatility)0.13
200-day average$191.51
Revenue trend · 6y
20202025
Latest MX$247.47B
Ownership
Institutions42.1%
Shares outstanding2.77B
Dividend
No regular dividend — earnings reinvested for growth.
What Grupo Financiero Banorte does. Grupo Financiero Banorte, S.A.B. de C.V., through its subsidiaries, engages in the provision of banking and financial products and services in Mexico and internationally. It offers retail banking services, including checking and deposit accounts; credit and debit cards; mortgage, car, payroll, and personal loans; SME loans; payroll accounts; and car, home, life,…
What the Unclaimed Accounts Are
Some of the accounts are pending, meaning they belong to new workers who have not yet been assigned to an Afore. Others are inactive, meaning no contribution has arrived for a full calendar year.
Their money sits in a pooled account at Banco de México, the central bank, rather than with the Afore. Employers keep paying in, and the provider receives those contributions and keeps the records.
What Banorte’s Pension Arm Will Do
According to El Financiero, Banorte will look for the account holders so they can register and check their balance. They will also receive statements every four months.
Workers can ask the company’s pension advisers for help and sign up through the AforeMóvil XXIB app, the website xxi-banorte.com or WhatsApp. David Razú Aznar, the company’s chief executive, called the assignment a vote of confidence in its solidity and operating ability.
Who Owns Afore XXI Banorte
Afore XXI Banorte is a public-private company, owned by the state social security institute IMSS and by Grupo Financiero Banorte. Banorte, based in Monterrey, is one of Mexico’s biggest banks and was the subject of our report on its interest in buying Banamex.
The company’s website says it manages more than 8.5 million accounts, with no date given. Expansión put the new total of Banorte pension accounts at 16,986,000, the most of any Afore.
What It Means for US Readers
Millions of Mexicans have worked in both countries, and an old job in Mexico may have left a savings account its owner forgot. Banorte pension accounts can be checked through online channels, but the company has not said whether that reaches workers in the United States.
For investors, the assignment adds scale to a fee business, but the money stays at the central bank. For background on the system, see our report on Mexican pension funds gaining MXN 484 billion (about US$26 billion).
What Is Not Known
The fee that won the tender has not been published, and the other bidders have not been named. The date when the accounts move over to Banorte has not been given either.
It is also unclear how many of the 9.4 million owners the company will find and register. The number of Banorte pension accounts that stay unclaimed after six years is open.
What Comes Next
The next step is the transfer of the Banorte pension accounts and the start of the search for their owners. CONSAR’s president, Julio César Cervantes Parra, said the winning rate will bring savings and a lower-cost operation for the whole system.
Savers who register start to receive statements and can decide how their money is invested. Those who do not register stay in the pooled account while Banorte keeps their records for six years.
More: Mexico news in English, every day from The Rio Times.
Frequently Asked Questions
What is an Afore?
An Afore is a private company licensed to manage workers’ individual retirement accounts in Mexico. The accounts are tracked by the regulator, CONSAR.
How many Banorte pension accounts did the regulator assign?
CONSAR assigned 9,417,381 Banorte pension accounts to Afore XXI Banorte. They hold more than MXN 121 billion (about US$6.6 billion).
Whose money is in these accounts?
They belong to workers who have not yet been assigned to an Afore or who stopped contributing for a calendar year. The money stays at Banco de México until the owners register.
How long does the assignment last?
The contract term is six years, and CONSAR can extend it by up to 12 months under the tender rules. Reports on the award do not say when it starts.
How can a worker check an account?
According to El Financiero, workers can use the AforeMóvil XXIB app, the website xxi-banorte.com or WhatsApp. The company’s pension advisers can also answer questions.
Sources: El Financiero, 21 October 2026; Expansión, 19 October 2026; 24 Horas, 18 October 2026; Fortuna y Poder, 22 July 2026; Afore XXI Banorte, 21 October 2026.
Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error
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