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JPMorgan Chase & Co.
JPMorgan Chase & Co.
06/18/2012 | Press release
J.P. Morgan Increases Capital in Mexico
distributed by noodls on 06/18/2012 11:04
J.P. Morgan Announces a US$250 Million Capital Increase to its Mexican Subsidiaries.
New York, June 18, 2012 - 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 activitives 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.
About J.P. Morgan
J.P. Morgan is the investment banking arm of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $2.3 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co.www.jpmorganchase.com.
