Swiss bank UBS plans to incorporate its Mexico banking operations as part of efforts to improve the distribution of resources and reduce costs, according to an internal document seen by Reuters.
Brokerage UBS Casa de Bolsa will assume responsibility next year for operations that are made now by UBS Bank Mexico, according to a memo sent to employees on September 30.
As a result of the measure, UBS will not renew its banking license in Mexico, and, instead, use its patent broker for that business, a person familiar with the matter said. A UBS spokesman in New York confirmed the contents of the document, but refused to comment.
The Swiss company sees Mexico as a strategic emerging market and doubled the number of employees in the country in the past five years, according to the memo.
The move comes in a crucial era when big global lenders in the region simplify their business processes and structures to retain customers. The movement also occurs amid a broader downturn in the global banking industry.
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