GRUPO FINANCIERO SERFIN S.A.- ADR

Grupo Financiero Serfin SA de CV is a financial services holding company. The company has several majority owned subsidiaries involved in commercial banking, corporate finance and brokerage services, factoring, leasing, warehousing, insurance and currency exchange. The group's commercial banking business is conducted by the Banca Serfin which is 99.9% owned by the group. Commercial banking accounted for 82% of 1997 revenues; brokerage services, 15% and other financial subsidiaries and corporate income, 2% and other financial subsidiaries, 1%.