Grupo BTG Pactual SA, Latin America's largest independent investment-banking firm, won approval on Monday to open a new broker dealer operation in Mexico.
Both Brazil's central bank, the nation's banking industry watchdog, as well as the Mexican Securities and Exchange Commission gave BTG Pactual the go-ahead for the project, according to a securities filing. The São Paulo-based bank has offices in Brazil, its home turf, as well as in the United States, Colombia, Peru, Chile, the United Kingdom and China.
Javier Artigas, a former vice president at Mexico's Stock Exchange, will head the unit, the filing added. According to the statement, BTG Pactual's broker dealer shop in Mexico will start offering financial and capital markets advisory first, and asset and wealth management services in a later stage.