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Goldman Sachs Mexico Brokerage to Challenge Citigroup I Bloomberg

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GOLDMAN SACHS MEXICO BROKERAGE TO CHALLENGE CITIGROUP
(First published by Bloomerg. Written by BRENDAN CASE & CHRISTINE HARPER)

Goldman Sachs Group Inc. (GS) won authorization for a Mexican brokerage unit, setting the stage for heightened financial-services competition in Latin America’s second-largest economy.

Goldman Sachs Mexico Casa de Bolsa SA plans to “transfer some activities that it does in other countries and increase its operations to become an important participant in the Mexican market,” the nation’s National Banking and Securities Commission said today in an e-mailed statement.

“Over the years we’ve developed a strong relationship with local Mexican clients but believe it’s now vitally important to operate in closer proximity,” said Michael DuVally, a Goldman Sachs spokesman in New York. “This license is consistent with our general expansion in Latin America.”

The approval means Goldman Sachs can trade onshore in Mexico, said a person familiar with the firm’s activities in Latin America. The focus will be on fixed-income products, the person said. Except for Brazil, all of Goldman Sachs’s trading in the region has been offshore until now, said the person, who asked not to be identified because the details aren’t public.

Goldman Sachs is the fifth-largest U.S. bank by assets. Foreign companies with Mexican brokerages include Morgan Stanley (MS) and Credit Suisse Group AG (CSGN), according to the Mexican Association of Brokerages. Citigroup Inc. (C)’s Banamex unit also owns a major brokerage.

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