From Times Staff and Wire Reports

GTE to Enter Mexican Long-Distance Market: GTE signed a letter of intent to enter the Mexican long-distance telephone market in 1997 with two major Mexican partners, Monterrey corporate giant Valores and Bancomer, Mexico's second-largest financial group. No monetary terms were disclosed. The field for competition with Mexico's government-owned phone company is already crowded with big names, including MCI and Bell Atlantic. The GTE venture with Bancomer sets up a telecommunications competition between Mexico's two biggest banks: the largest, Banamex, joined a $1-billion venture with MCI.

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