Multivalores To Start Operations Friday

Mexican financial group Multivalores is to start its banking operations, Banco Multiva, on Friday. The group, which already owns a brokerage, an investment fund operator and a leasing company, applied for a banking license last May because it wanted to consolidate its position in the financial system. Mexico’s banking sector is dominated by foreign-owned institutions such as BBVA, Santander, Citi and HSBC.