International Business
From Times Staff and Wire Reports
U.S., Mexican Banks to Form Joint Venture: Columbia, S.C.-based Fleet Mortgage Group and Banco Mexicano said they will form the venture to develop mortgage banking in Mexico to take advantage of the growing demand there for home ownership. The companies agreed that one of the strategic goals of the venture will be to create a Mexican mortgage banking operation. The new bank will develop mortgage products to be packaged for sale in the secondary market, initially through private placements and eventually by selling shares to the public.
