Prudential To Set Up In Mexico

US financial services institution Prudential Financial has signaled its confidence in Mexico’s continued stability and economic growth with the announcement that it has set up a life insurance business, Prudential Seguros Mexico, and will be opening a bank south of the border later this year or next. Prudential will be pursuing a license to set up a financial group in Mexico under which all its financial businesses will operate. The US company already owns an investment management firm in Mexico (Prudential Apolo) and has a 50% stake in a private pension fund administrator, Afore XXI. It is looking to increase its stake in the administrator or buy another. Prudential has insurance operations in Brazil and Argentina.