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Merrill Lynch requests bank license in Mexico

Mon Feb 26, 2007 5:20pm EST

Bonds  |  Funds News

MEXICO CITY, Feb 26 (Reuters) - Merrill Lynch has applied for a bank license in Mexico to expand its institutional business, the investment bank's country head said on Monday.

A bank license would give Merrill Lynch, already a major player in Mexico's investment industry, more flexibility in taking deposits and the freedom to create structured products for institutional clients, said Carlos Gutierrez, head of Merrill Lynch in Mexico.

Merrill Lynch MER.N has no immediate plan to use the license, which it hopes to receive this year, to operate a retail or commercial bank, Gutierrez told Reuters.

((Reporting by Noel Randewich; Reuters Messaging: noel.randewich.reuters.com@reuters.net +52 55 5282-7153))

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