The BlackRock acquisition of Citibanamex asset management business is concluded, after securing green light from Mexican regulators.

The deal, whose financial terms were not disclosed, was first announced in November last year.

The acquisition forms part of Citi’s strategy to gain access to quality investment products, instead of manufacturing proprietary products.

The acquired operations include fixed income, equity, and multi-asset funds with around $34bn in assets.

BlackRock head of the Latin America & Iberia region Armando Senra said: “This transaction is transformative for BlackRock and the asset management industry in Mexico and the region.

“As an independent asset manager with local and global capabilities, BlackRock brings Mexican clients unparalleled investment solutions backed by our world-class risk management technology.”

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BlackRock will now provide a range of local and international investment solutions for clients in the region. Its local office will remain under the leadership of managing director Samantha Ricciardi.

With the acquisition, BlackRock’s Latin America and Iberia presence has increased to around 275 employees in eight offices, managing $184bn in assets.

The two parties have also signed a distribution agreement, under which BlackRock products will be provided to Citibanamex clients.

Citibanamex CEO Ernesto Torres Cantu said: “BlackRock and Citibanamex are enhancing their longstanding institutional relationship and will offer, through a distribution agreement, BlackRock investment products to Citibanamex’s 21 million banking clients in its network of 1,500 branches in Mexico.

“Citibanamex clients can invest as little as 1,000 pesos (approximately $50 dollars) in products backed by BlackRock’s world-class investment and risk management platform.”