Banking Commission authorizes Shinhan Bank operations in Mexico

Mexico, Dec. 15 (Notimex).- The National Banking and Securities Commission authorized the start of operations of Shinhan Bank of Mexico, a subsidiary in the country of the Korean commercial bank Shinhan Bank, belonging to the Shinhan Financial Group, with a presence in 20 countries. In a statement, the regulatory body said that the new banking intermediary will focus its business primarily on offering financial products and services to the value chains generated and driven by Korean companies established in Mexico. This, through financing and deposit accounts in national and foreign currency, national and international transfers, among others. The institution will also have a capital of 655 million pesos, an amount higher than necessary to operate in accordance with the regulation on the matter, issued by the financial authorities. After underlining that the new participant of the multiple bank has a main office located in Paseo de la Reforma 250, in Mexico City, the National Banking and Securities Commission recalled that the entity was authorized by the Board of Government of the same Commission to organize and operate as an institution of the sector on September 2, 2015.