The logo design of Swiss financial institution UBS is seen at a branch workplace in Zurich, Switzerland, June 22, 2020. REUTERS/Arnd Wiegmann/File Picture
MEXICO CITY/NEW YORK, Oct 14(Reuters)-Swiss financial institution UBS (UBSG.S)is closing its brokerage firm in Mexico, claimed 3 individuals accustomed to the matter, complying with in the footsteps of various other big global economic
institutions that have opted to leave Latin America’s 2nd biggest economy. The reasons for the closure were not promptly clear. It was likewise not understood if UBS would draw various other local solutions. Two of the sources stated UBS will maintain a presence in Mexico, but take care of operations from other areas.”We continue to be totally committed to our organization in Mexico, “UBS said in a declaration.” To make certain positioning with our worldwide critical top priorities, we assess every one of our companies routinely to recognize development chances and also to generate functional efficiencies.”
UBS noted it worked with Gustavo Galvan-Duque early this year as head of Riches Management for Mexico and also would certainly maintain searching for”neighborhood talent.” Galvan-Duque did not right away respond to a request for remark. Bloomberg initially reported on UBS’ plans to withdraw its brokerage.
In July, Mexican economic authorities said Deutsche Financial institution (DBKGn.DE) and also JPMorgan (JPM.N) had decided to shut their offices in Mexico, sending a sign to analysts that global players were losing interest in a mainly stationary domestic market.
“It relates to the absence of movement, as well as likewise that the investment environment is not the most favorable, “said wide range advisor Jonathan Zuloaga of Columbus, a Mexican financial investment consultancy.
He added that the climate under Head of state Andres Manuel Lopez Obrador, that took workplace in 2018, has not assisted. The leftist has clashed with the business sector over choices such as canceling the building of a brand-new flight terminal and altering regulations in the energy sector. “The reality that there has actually been a lot displeasure from the start of the present management in the direction of the private sector is not an excellent indication,” Zuloaga added. Coverage by Noe Torres and Rodrigo Campos, Editing by Daina Beth Solomon and Chris Reese Our Requirements: The Thomson Reuters Count On Principles.