*Mexico’s national banking and securities commission (CNBV) has authorised a new unit of Bank of China Ltd, one of the four biggest state-owned commercial banks in China, to begin operations in Mexico. This makes it the second Chinese bank permitted to offer services in Mexico. According to a CNBV press release, the new unit will focus on corporate financial services for Chinese firms which operate in Mexico along with their suppliers and other Mexican firms involved in trade with China. The new bank’s initial capital totals M$875m (US$43.5m) according to the CNBV statement.
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