Mexico thus becomes the second Latin American country after Brazil where the financial institution is ending its presence.
JPMorgan Chase & Co is closing its private banking business in Mexico, Bloomberg reported Thursday, citing knowledgeable sources.
The largest US bank has signed an agreement to refer its local customers to BBVA México, the local unit of Banco Bilbao Vizcaya Argentaria. However, it will continue to maintain other activities including investment banking, stock trading and treasury.
At the same time, it will continue to provide private banking services to clients in Mexico through its platform abroad. It should be noted that so far, the bulk of JPMorgan’s private banking business has been in Mexico.
Mexico thus becomes the second Latin American country where the financial institution decides to reduce its presence in the banking services market following a similar move in Brazil in the summer of 2020.