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BNP Paribas obtains banking license in Mexico

BNP Paribas SA said it has obtained a banking license from Mexican banking and securities regulator CNBV, following years of operating as a multi-purpose financial company, or sofom, in the country, El Economista reported.

The local license will allow the France-based banking group to expand its product offering and increase its presence in Mexico, especially in the segments of global markets and securities and post-trading. The move is also in line with its broader regional growth plan in the Americas, in which it has banking licenses in six countries.

BNP Paribas has had a Mexican representative office since 1966. The company's current local operations consist of corporate and investment banking, consulting, asset management, insurance and personal finance.