Citibank to Apply for Full-Service License: Citibank,...
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From Times Staff and Wire Reports
Citibank to Apply for Full-Service License: Citibank, the only foreign bank operating in Mexico, said it will be the first foreign bank to apply for a full-service license under Mexico’s new banking rules. The bank, which has been in Mexico for 65 years, also said it will establish a stock brokerage and a leasing company. Mexico’s new banking rules set minimal capitalization for foreign banks at the same level as those for domestic banks. They will also allow foreign banks to establish full-service operations beginning later this year.
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