Multivalores Applies For Banking License

Mexican financial group Multivalores is applying to the Ministry of Finance for a license to establish a bank. The group, which already owns a brokerage, an investment fund operator and a leasing company, feels the creation of a bank would consolidate its position in the financial system. Mexico’s banking sector is dominated by foreign-owned institutions such as Spanish banks BBVA and Santander, Citigroup of the US and HSBC of the UK.