March 7, 2014 / 6:34 PM / 4 years ago

Mexican tycoon Slim's bank Inbursa designated 'dominant' in telecoms

MEXICO CITY (Reuters) - Mexican Tycoon Carlos Slim’s financial arm Inbursa said on Friday it had been declared dominant in the telecoms sector by a new watchdog, which cited the financial group’s “economic interests”.

Mexican billionaire Carlos Slim attends the presentation of a digital platform to promote Mexico's natural heritage inside Soumaya museum in Mexico City December 2, 2013. REUTERS/Edgard Garrido

Slim’s telecom giant America Movil, which has about 80 percent of Mexico’s fixed-line business and some 70 percent of the mobile sector, is expected to be told it is dominant in its market by the new Federal Telecommunications Institute (IFT) as well.

Earlier on Friday, Mexico’s Televisa, which has 60 percent of the TV market, said it had been notified that it dominates its market and will be forced to share infrastructure with other companies.

Reporting By Alexandra Alper

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