Monex Bank Acquisition Delays IPO

Mexican Monex Grupo Financiero has delayed its IPO once more, this time until 2008 following the acquisition of Comerica Bank Mexico for an undisclosed sum. The company said it has chosen to push back plans to go public so that it can take time to better integrate the Bank, which it acquired from US-based Comerica and which it will rebrand as Banco Monex. The financial group began as a wholesale foreign exchange trader and has built itself into a group encompassing a brokerage and investment fund manager. Last October it announced it was considering apply for a banking license to establish banking operations to complement its foreign exchange activities.