By THE PULSE NEWS MEXICO STAFF
JPMorgan and Deutsche Bank will permanently close their representative offices in Mexico, according to a statement published by the Finance Secretariat in the Official Gazette on Wednesday, July 7.
In February, Bloomberg News reported that JPMorgan, the largest bank in the United States, signed an agreement to transfer its local businesses to BBVA México.
In Mexico, JP Morgan — which has been in operation for more than 100 years — will maintain its other businesses under the umbrella of the banking license.
Offshore accounts represent the majority of JPMorgan’s private banking business in Mexico.
In the case of Deutsche Bank, the financial institution will still maintain its banking license in Mexico, although it is closing its representative office in the country.
Deutsche Bank Mexico has agreed to sell its trust division to CIBanco.