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Retirement Funds Administrators (AFORE) (Spanish: Administradoras de Fondos para el Retiro) are companies authorized to manage Mexican individual retirement accounts as authorized by the Ministry of Finance and Public Credit of Mexico. They are structured as companies that manage these funds under strict regulations.
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HSBC's Mexico headquarters are at Torre HSBC on the Paseo de la Reforma near the Angel of Independence in Colonia Cuauhtémoc, Cuauhtémoc, Mexico City. [1] In July 2012, the US Senate accused HSBC of breaching safeguards that should have stopped the laundering of money from Mexico.
The provision for CLABE standardization was issued by the Asociación de Bancos de México (ABM) (Mexican Bank Association) in conjunction with the Banco de México (Mexico's Central Bank). It ensures that the inter-bank fund transfers, payroll deposits, or automatic service charges are made to the correct accounts.
It is located opposite the Angel of Independence, and is home to the around 2,800 HSBC Mexico staff. Construction was completed in 2006, at a cost of around US$ 150 million. There are 23 office floors and 12 parking levels in the 136-metre-high (446 ft) tower, which is one of the tallest in Mexico City.
The new HSBC Private Client Services Group would serve the wealth and tax advisory needs of high-net-worth individuals. Then in August 2002 HSBC acquired Grupo Financiero Bital, SA de CV, Mexico's third largest retail bank for $1.1 billion. [35] In November 2002, HSBC expanded further in the United States.
Bital was first known as Banco del Atlantico during the 1980s and later was changed to Bital. It was the last Mexican bank [1] whose balance sheet was still struggling from the 1995 Mexican peso crisis.
It was founded in 1981 under the eaves of Decree Law 3.500 in Chile launched a modern private pension system with the growing 59 branches nationwide, [1] replicated in 10 years in Latin America countries (such as Mexico, Ecuador and Dominican Republic) and also in Eastern Europe.