By Chris Aspin

MEXICO CITY ( Reuters) - Banorte Chief Executive Luis Pena resigned from the financial group on Monday and an interim CEO took over the helm of the last big bank in Mexico owned by local investors.

Alejandro Valenzuela, who has 20 years' experience in the financial sector, was named interim CEO, Banorte (GFNORTEO.MX: Quote, Profile, Research) said.

Banorte, Mexico's fifth-largest banking group, gave no reason for the management change at the bank, often referred to as a likely takeover target of an international financial group looking to move into Mexico or expand in the country.

Some analysts said Pena was jumping ship to run the local operations of rival bank HSBC (HSBA.L: Quote, Profile, Research) (0005.HK: Quote, Profile, Research).

"He's going to HSBC Mexico, with the potential to become the CEO for the Latin American region," said Deutsche Bank analyst Mario Pierry.

HSBC Mexico was not immediately available for comment.

Shares of Banorte dropped 1.82 percent to 47 pesos and at one stage its stock was down more than 3 percent.

"Overall it is a big loss for Banorte," said another analyst of Pena's resignation.