Mexican lender Banorte BMV:GFNORTE/O will sell its digital bank unit Bineo to financial technology firm Klar, it said in a filing on Thursday, giving the young startup access to its much-coveted banking license.
Klar had applied for a license of its own late last year, though obtaining one via company acquisition has become a common way for would-be banks in Mexico to avoid years of red tape.
Banorte executives had said in April they would scrap Bineo as part of a larger overhaul of the lender's digital strategy. The unit failed to turn a profit, and CEO Marcos Ramirez told journalists that Banorte could sell the banking license for some $100 million.
The lender on Thursday did not give financial details for the transaction, which is dependent on approval from regulators.
Klar did not immediately respond to a request for comment.