Comerica Inc. has opened a banking subsidiary in Mexico.
Detroit-based Comerica was the eighth U.S. banking company to obtain a license to do business in the country.
Comerica Bank Mexico SA has full banking powers and will concentrate on corporate banking and trade finance for middle-market and large corporate companies.
Claude Henry Miller was named managing director of the new subsidiary. Mr. Miller has been active in the Mexican market since 1982 and previously served as the bank's representative in Mexico City. Comerica, which has $34 billion in assets, has clients in 14 cities throughout Mexico and also has offices in Michigan, California, Texas, and Florida. The four states represent over 70% of U.S. foreign trade with Mexico.