Salt Lake Telegram | 1932-05-20 | Page 19 | Foreign Banks in Mexico Restricted

I FOREIGN BANKS IN MEXICO RESTRICTED MEXICO CITY May 20 P Por P For Foreign eign elga banks operating in Mexico will willbe be C sharply restricted by a new banking bank bank- ing ng law that went into effect today The principal Institutions affected will vill be the National City bank of New NewYork NewYork NewYork York which has n a branch here and the Bank of Montreal and the Canadian Canadian Cana Cana- dian Bank of Commerce which have banks janks in Mexico City and numerous branches throughout the country The law provides foreign banks and credit institutions which receive deposIts deposits de do- posits on 30 days das demand or less must be c associated with the Bank of Mexico by the purchase of its shares It also provides that foreign banks or branches of or foreign banks shall not receive savings deposits or act as trust institutions issue mortgage or cash bonds obligations certificates of deposit deposit de do posit or pledged bonds I All deposits in Mexican currency except those deposited In the Bank of Mexico or other cre credit lt institutions in Mexico must be invested within the country under the new law in the same type of currency