Brazil-based Grupo BTG Pactual received approval on Monday from regulatory authorities to establish a new broker dealer operation in Mexico. Grupo BTG Pactual is the biggest independent investment banking company in Latin America.

The Central Bank and the country's regulator for the banking industry gave approval to BTG Pactual in Brazil. The Mexican Securities and Exchange Commission also approved the opening of the outlet in Mexico, a securities filing revealed. Aside from offices in Brazil, BTG Pactual also operates in the US, Peru, Colombia, UK, Chile and China.

The filing showed the Mexican unit would be headed by Javier Artigas. Artigas previously served as the Vice President of Mexico's Stock Exchange. The broker dealer outlet would first offer advisory services on financial and capital markets. Later on, it would expand to asset and wealth management services.

BTG Pactual, based in Sao Paolo, has a market capitalization of USD 14.5 billion and assets of USD 75 billion. It has USD 85 billion of assets under management.