JP Morgan Grupo Financiero, S.A. de CV which got a boost with the fresh capital infusion said that the amount will enable it to lend more to its Mexican customers.
The latest fund represents 62% capital increase, and brings the firm’s total capital in Mexico to nearly $653m, thus placing JP Morgan the 8th largest Mexican financial group.
The firm, whose wholesale business is the largest in Mexico, said that the fund will be made available after obtaining concerned regulatory approval, and if the need arises, it will get further fund.
JP Morgan Mexico senior country officer Eduardo Cepeda said, "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."
JP Morgan, the investment banking arm of JPMorgan Chase & Co with assets of $2.3 trillion and trade in over 60 geographies, offers commercial banking, financial transaction processing, asset management and private equity services.
