Roundup: Bank of Tokyo Has Wholesale Unit in Mexico

NEW YORK - Bank of Tokyo said it has opened a Mexican wholesale banking subsidiary after obtaining authorization from the Mexican Finance Ministry under the North American Free Trade Agreement.

The Mexican banking unit is 99% owned by BOT North American International Inc., a Delaware-based holding company, and 1% by Bank of Tokyo Ltd.

Non-Mexican financial institutions were barred from opening banks in Mexico until the free trade agreement took effect last year.

Since then, the Mexican Finance Ministry has authorized 11 U.S. banks and nine foreign banks to open Mexican banking subsidiaries through U.S. holding companies.

J.P. Morgan & Co., Chase Manhattan Corp., Chemical Banking Corp., and Spain's Banco Santander have already opened banks in Mexico under the agreement. A spokeswoman for BankAmerica Corp. in San Francisco said it plans to open its Mexican unit in several weeks.

Bank of Tokyo has $43 billion in U.S. assets.

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