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.
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