XXI Banorte assigned to manage 9.4 million unregistered Afore accounts

The National Commission for the Retirement Savings System (CONSAR) has designated XXI Banorte to manage 9.4 million unregistered Afore accounts. These accounts represent an accumulated balance of more than 121 billion pesos.

Following a national tender, XXI Banorte will manage these individual accounts for a six-year period. The company is tasked with implementing strategies to locate account holders and encourage them to formalize their registration. While XXI Banorte will manage the receipt of employer contributions and account administration, the funds will remain safeguarded at the Banco de México.

CONSAR selected XXI Banorte based on its operational capacity, financial solvency, customer service, and technological infrastructure. The commission noted that the company's proposal was competitive, aiming for a more efficient and lower-cost operation for the retirement system.