Bank of China authorized in Mexico

28/06/2018
|
13:07
|
Antonio Hernández
Bank of China authorized in Mexico
The CNBV explained that the financial firm is currently offering financial services in over 50 countries - Photo: Kim Kyung-Hoon/REUTERS

Bank of China authorized in Mexico

28/06/2018
13:07
Antonio Hernández
Mexico City
-A +A
The CNBV has authorized the Bank of China to start operating in Mexico

The National Banking and Securities Commission of Mexico (CNBV) has authorized the Bank of China Mexico to start operating in the country as a branch of Bank of China Limited, which was founded in 1912 and has become the fourth largest bank in the world.

The CNBV explained that the financial firm is currently offering financial services at China Continental, Hong Kong, Macao, Taiwan, and 51 other countries.

Bank of China Mexico is the second bank from the People’s Republic of China to be authorized in the country, along with the Industrial and Commercial Bank of China (ICBC).

According to the regulatory body, the new entity will focus their market on corporate finance, where it will offer products and services that will cater to the financial needs of Chinese companies which are currently based in Mexico, as well as their providers and Mexican companies currently involved in commercial operations with China.

“The bank will seek to consolidate the investment opportunities arising from the recent structural reforms that have been implemented in our economy,” stated a spokesman from the CNBV.

The Bank of China Mexico was authorized by the Governing Board of the CNBV to organize and operate as a multipurpose bank on June 30, 2016.

With an initial capital of 875 million pesos, an amount which surpasses the minimum investment required by the regulatory body, the Bank of China Mexico’s corporate office is currently in Mexico City.

“This is the 51st bank currently operating in Mexico,” the CNBV added.
 

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