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JPMorgan Exits Mexico Private Banking as Wealthy Look Abroad

  • Bank to serve clients from Mexico via platform outside country
  • Decision follows similar move by the firm in Brazil last year
Updated on

JPMorgan Chase & Co. is shutting its private banking business in Mexico, according to people with knowledge of the matter, as wealthy clients in some of Latin America’s largest economies move their money to international financial capitals.

The biggest U.S. bank signed an agreement to refer local business to BBVA Mexico, the local unit of Banco Bilbao Vizcaya Argentaria SA, said one of the people. Still, the New York-based firm will continue to serve clients from Mexico through its platform outside of the country, one of the people said.