JP Morgan and Deutsche Bank close their representative offices in Mexico

1259

Banks notified Mexican authorities last year of their closures and revocation of their authorization.

Banks JP Morgan and Deutsche Bank will close their respective representative offices in Mexico, reported the Ministry of Finance and the National Banking and Securities Commission (CNBV) this Wednesday.

In the Official Gazette of the Federation (DOF), the agencies indicated that on August 11, 2020, JP Morgan notified its definitive closure and requested the revocation of its authorization to establish itself as a representative office in Mexico.

In fact, last February it was announced that the US bank would leave its private banking business in the Republic of Mexico, for which it would refer its local businesses to BBVA Mexico.

At the time, sources close to the operation confirmed to Forbes Mexico that JPMorgan chose BBVA Mexico as the financial partner for its current clients in the country.

“BBVA Mexico’s broad platform of products and services, aligned with its leadership position in the market, expertise, performance and financial solvency support JP Morgan’s decision to refer its local clients to BBVA Mexico,” they stated.

Likewise, the Treasury and the CNBV indicated that on August 14 and October 20 of last year Deutsche Bank notified its definitive closure, for which it also requested the revocation of its authorization to establish itself as a representative office in Mexico.

According to its website, the German bank indicates has had a presence in the country for the last 50 years, as its first representative office was opened in 1957.

In addition, it highlights that in 1995 and 2000, respectively, it significantly expanded its local presence by obtaining licenses for a stockbroker (Deutsche Securities, SA de CV Casa de Bolsa) and a banking subsidiary (Deutsche Bank Mexico, SA Institución de Banca Multiple).

Source: forbes.com.mx

Mexico Daily Post