Merrill Lynch Applies For Mexican Banking License

Merrill Lynch said it has applied for a Mexican banking license, and will join the likes of UBS, Barclays and Prudential who have recently been granted such a license. The Bank hopes the move will help it expand its institutional business – for example, by giving it more flexibility to create structured products for its clients and also to allow deposit taking. Merrill Lynch currently has a representative office and a brokerage operation in Mexico.