Bankers Trust New York Corp. is in talks with a Mexican bank, an insurance company, and the country's social security system to set up a pension fund management company, according to Bloomberg Business News.
The report, based on Mexican press accounts, said Bankers Trust may team up with Mexico's Social Security Institute, Banco IXE SA, and the Aseguradora Hidalgo SA insurance company.
A spokesman for the bank would confirm only that Bankers Trust was considering getting into pension fund management and insurance in Mexico, but declined to elaborate.
"We do have an interest in getting into the market," he told American Banker.
Noting that Bankers Trust has long been a player in the pension fund management business in Chile, he said that such a deal "would be a natural extension of our involvement there."
Mexico recently moved to privatize its social security retirement system. The pension fund management company would be one of the country's biggest since it has obtained support from the Mexican Confederation of Workers, the nation's largest labor union.
Two other banks, Bank of Boston Corp. and Citicorp, have already joined forces with Mexican banks to set up pension fund management companies.