MEXICO CITY - FleetBoston Financial Corp. is evaluating expansion options in Mexico, including the potential acquisition of a local brokerage, a Mexico City daily reported Friday.
The newspaper El Economista said Fleet's BankBoston SA unit is interested in participating in the upcoming auction of the local brokerages Arka and Bursamex, which were seized by financial regulators.
James Callahan, head of BankBoston SA, said it is looking to strengthen its share in the local asset management niche.
The heavy market concentration held by Mexico's top three financial services companies prevents BankBoston from entering into Mexico's retail banking segment, Mr. Callahan told the newspaper.
BankBoston has focused in recent years on adding product capabilities, developing treasury and risk-management products, and increasing trading activity and staff. The company plans to increase its Mexico assets to $5 billion within 10 years.