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Mexico's CNBV approves sale of Investa Bank's brokerage unit

Mexico's banking and securities commission CNBV approved Grupo Bursamétrica's purchase of Casa de Bolsa Dumbarton from Investa Bank SA Institución de Banca Múltiple, Milenio reported.

Although founded in 2000, Dumbarton had never officially started operations. Bursamétrica will inject an initial capital of 200 million Mexican pesos to the brokerage firm as it targets to begin operations between July and August, the report noted.

Grupo Bursamétrica reportedly said that to avoid conflicts of interest, it will keep its traditional business units alive and independent, including the area of financial software development and the company Análisis Económico Bursátil.

Meanwhile, Investa Bank CEO Enrique Vilatela said that the bank will be requesting the CNBV's permission to acquire Deutsche Bank México SA Institución de Banca Múltiple, noting that the sale of Dumbarton is meant to support the acquisition.

As of April 3, US$1 was equivalent to 18.72 Mexican pesos.