Securities, derivatives and money-broking business, Garban-Intercapital has merged its operations in Mexico with those of Servicios de Integracion Financiera (SIF), a subsidiary of the Mexican Stock Exchange (BMV).
The companies say the alliance will form a significant business with a strong position in the local market, providing a platform for the distribution of international products in Mexico and the marketing of Mexican products in the US, Canada and Europe.
Michael Spencer, chief executive of Garban-Intercapital, says: "We expect the company to make a significant contribution to the continuing development of Mexico's foreign exchange, money and capital markets."
Launched in August 1998, SIF now has 60 customers, of which 35 are banking institutions and 25 are brokerage houses. Under the agreement, it will be merged with Garban's subsidiary operation Harlow Butler Mexico.
Manual Roblenda Gonzalez de Castilla, president of the new company says: "The merger between the subsidiaries of Bolsa Mexicana de Valores and Garban-Intercapital will create the leading brokerage company in the fixed income, foreign exchange and money markets in Mexico."