Comerica Inc. said it has received preliminary permission from the Mexican Ministry of Finance to form a commercial banking subsidiary in Mexico.

Comerica Bank Mexico will be a subsidiary of Comerica Bank Michigan. It will provide a wide range of peso-based corporate services in Mexico, Comerica bank said.

The unit is expected to begin operations late this year and will be headquartered in Mexico City.

Claude Miller, first vice president in the bank's international finance department, will serve as managing director.

Comerica said it will focus on servicing midsize and large corporate entities.

The banking company has been active in Mexico since 1934. It manages a portfolio of clients in 14 cities and maintains a representative office in Mexico City.

Comerica operates banking subsidiaries in Michigan, Texas, California, Illinois, and Florida. It has $35 billion in assets.

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