UBS granted Mexican license

9 January 2007

Investment bank UBS has received a license for banking operations in Mexico.

After receiving the regulatory approval from the Mexican ministry of finance, UBS plans to commence operations in the first quarter of this year.

At first the UBS will focus on institutional investors with cash, foreign exchange and debt products. The firm has speculated that in future further products and services could be offered to both institutional and individual clients.

Andre Esteves, chairman and chief executive of UBS Latin America, said: "This license represents a significant step for UBS. Having operations in Mexico and serving clientele here is an integral component of UBS's expansion into Latin America.

"We are excited and optimistic about the future of UBS in this country."

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