“We refer to its brief provided by JPMorgan Chase Bank in which it notified the final closure of the bank and, accordingly, requested the revocation of its license to establish itself as a representative office in Mexico,” the Ministry of Finance stated.
The origins of the JPMorgan representative office in Mexico go back to 1972.
Last year, JPMorgan closed its private banking business in the country. However, company executives said Expansion of the importance of staying in Mexico due to the expected reactivation of the following months.
25% of payments worldwide are made through JP Morgan. In addition, 15% is manufactured in Latin America, of which Mexico accounts for 20%.
The financial authorities also reported that Deutsche Bank had also notified the closure of its representative office and the revocation of its establishment license.
“We refer to the memorandums submitted by Deutsche Bank AG, through which it notified the bank of its final closure and, accordingly, requested the revocation of its license to establish itself as a representative office in Mexico,” the Ministry of Finance said.
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