Mexican bank Banorte cuts have reportedly led to the redundancy of more than half of the employees of specialist government lender Grupo Financiero Interacciones, which it acquired recently.

The job cuts represent nearly half of the acquired bank’s workforce and Banorte may cut additional 300 jobs in near future, Reuters exclusively reported citing sources familiar with the development.

The move is said to be part of Banorte’s plan to slash Interacciones’ costs by 65% to save between MXN1.5bn ($80.12m) and MXN1.6bn ($85.46m) per annum.

Interacciones’s institutional business head Ignacio Zubiria, brokerage head Adolfo Herrera and Gerardo Salazar, who ran its bank, have already left the organisation, Reuter’s report added.

Banorte offers savings accounts, payday loans, mortgages, credit cards, commercial loans and auto loans.

Banorte agreed to acquire Grupo Financiero Interacciones in cash and stock deal worth $1.4bn in October 2017.

The deal, which has already received nod from Mexico’s competition authority, is expected to close by 31 July 2018.