UBS announced today that it has received approval from the Ministry of Finance to offer banking services in Mexico. The firm plans to begin operations in the first quarter of 2007.

Initially, UBS will offer cash, foreign exchange and debt products to institutional investors in Mexico. Additional products and services may be offered in the future, both to institutional as well as individual clients.

"This license represents a significant step for UBS. Having operations in Mexico and serving clientele here is an integral component of UBS's expansion into Latin America, and we are excited and optimistic about the future of UBS in this country," said Andre Esteves, chairman and chief executive of UBS Latin America.