Goldman Sachs joins in on Mexican brokerage firm bandwagon
Goldman Sachs Group Inc had announced the opening of a local broker-dealer firm in Mexico. The said company would be part of its expansion push to Latin America and may start operations as early as next year, according to its region chief Stephen Scherr.
According to Scherr in a broadcast through the firm's website, the move would provide Goldman Sachs an opening to trade in peso-denominated securities. The New York headquartered investment firm received authority to run a Mexican brokerage in 2011.
In the statement, Scherr said, "We have a very bullish view on Mexico. We have a very strong presence in Mexico City and in fact by the early part of next year, we'll have a broker-dealer in the country."
The fifth biggest bank in the United States in terms of assets recently opened a local office in Santiago, Chile. Other companies that have opened Mexican brokerage firms include Morgan Stanley, Credit Suisse Group AG and Citigroup Inc's Banamex unit, as confirmed by the Mexican Association of Brokerages.