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CNBV approves Banco Shinhan to start operating in Mexico

Mexican banking and securities commission CNBV on Dec. 14 authorized Banco Shinhan de México SA Institución de Banca Múltiple, a subsidiary of South Korea's Shinhan Bank Co. Ltd., to start operating in Mexico.

Banco Shinhan will have initial capital of 655 million Mexican pesos, which is higher than minimum amount required under Mexican regulations, the CNBV said in a statement.

The Shinhan Financial Group Co. Ltd. unit will focus on offering financial products and services to South Korean companies operating in Mexico, in both the local and foreign currencies.

As of Dec. 14, US$1 was equivalent to 19.09 Mexican pesos.