Mexican bank Banorte not for sale -CEO Valenzuela

MEXICO CITY, July 11 (Reuters) - Banorte, Mexico's fifth-largest banking group, is not for sale, its chief executive said, amid renewed speculation that the bank could become the target of a takeover.

Mexican daily Reforma on Friday quoted Francisco Luzon, a regional director of Santander (SAN.MC)(STD.N), as saying that Spain's top bank has been interested in making an offer for Banorte (GFNORTEO.MX) for some time.

But Banorte's newly appointed chief executive, Alejandro Valenzuela told Mexican radio on Friday that Banorte was not up for grabs.

"We are flattered, in a way, (by Santander's comments) as there are many out there interested in us," Valenzuela said.

Luzon's comments were made during a meeting with Mexican press in the city of Santander, Spain, Reforma said.

Santander already operates a bank network in Mexico.

Banorte's Chairman Roberto Gonzalez "has made it clear on several occasions that the bank is not for sale and that if it was at some stage, it would be for Mexican hands," Valenzuela added.

Valenzuela took the reins at Banorte in April. The bank, the last major Mexican financial institution owned by local investors, is often referred to as a likely takeover target of international groups looking to move into Mexico.

Mexico's two top banks are Spanish-owned BBVA-Bancomer and Banamex, which is owned by Citigroup (C.N).

(Reporting by Cyntia Barrera Diaz, editing by Phil Berlowitz)