JPMorgan to Bolster Capital at Mexican Units by $250 Million

JPMorgan Chase & Co. (JPM), the largest U.S. bank, said it will bolster the capital of its Mexican units by $250 million.

The move brings the firm’s total capital in Mexico to $653 million, JPMorgan said today in an e-mailed statement.

The bank plans to use the added resources, which are still subject to regulatory approval, to increase lending limits, and it may also apply the money to boost equity activity at its Mexican brokerage unit, according to the statement.

Mexico is a country “where the bank is making significant investments in recruiting and developing staff, as well as in state of the art systems,” Eduardo Cepeda, senior country officer for JPMorgan in Mexico, said in the statement.

JPMorgan has operated as a financial institution in Mexico since 1994.

To contact the reporters on this story: Ben Bain in New York at bbain2@bloomberg.net; Jonathan J. Levin in Mexico City at jlevin20@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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