J.P. Morgan increases capital in Mexico
Jun 18, 2012
New York – J.P. Morgan announced that it has made a capital increase of $250 million to its Mexican subsidiaries. The sum, funded to J.P. Morgan Grupo Financiero, S.A. de C.V., will allow the global financial institution to provide additional lending capital to its Mexican customers. The 62% capital increase brings the firm’s total capital in Mexico to approximately $653 million, making J.P. Morgan the 8th largest Mexican financial group. The firm’s wholesale business is the largest in Mexico.
The additional capital planned for Banco J.P. Morgan, pending final regulatory approval, will allow it to increase its lending limits in the country and to provide its growing list of clients with more credit opportunities. J.P. Morgan Casa de Bolsa may also be funded with additional capital, which will allow it to increase its activities in the Mexican equity market.
Eduardo Cepeda, Senior Country Officer of J.P. Morgan in Mexico noted, “This capital increase is further evidence of J.P. Morgan’s long-term commitment to Mexico, a country where the bank is making significant investments in recruiting and developing staff, as well as in state of the art systems. We are excited with the opportunity this additional capital provides us to do more with our clients.”
J.P. Morgan traces its history of supporting Mexico with financing needs back to 1886. It opened its first Representative Office in Mexico in 1946, but it was not until 1994 that J.P. Morgan started to operate as a financial institution in the country. In that year, J.P. Morgan Grupo Financiero, S.A. de C.V. was formed. The Grupo Financiero includes a bank (Banco J.P. Morgan, S.A.) and a broker dealer (J.P. Morgan Casa de Bolsa, S.A. de C.V.).
The bank’s business has grown substantially over the years and today, it occupies six full floors in Torre Optima in the Lomas de Chapultepec neighborhood, with a representative office in Monterrey. The firm’s more than 200 Mexico based employees provide a broad range of financial services in the firm’s leading divisions: Investment Bank, Private Bank and Treasury & Securities Services.
Read more about J.P. Morgan’s business in Mexico at jpmorgan.com/mexico