(Bloomberg) — Mexico’s finance minister met with the chief executives of JPMorgan Chase & Co. and BlackRock Inc. in New York on Thursday.
Rogelio Ramirez de la O met separately with JPMorgan’s Jamie Dimon and BlackRock’s Larry Fink, people familiar with the matter said.
JPMorgan and BlackRock declined to comment. Mexico’s Ministry of Finance did not respond to a request for comment.
The meeting comes at a time when President Claudia Sheinbaum’s government is eyeing the change of government as an opportunity to stimulate investment. Investor sentiment toward Mexico has been volatile since the ruling coalition’s overwhelming parliamentary victory gave it sufficient powers to overhaul the country’s constitution.
Congress has already moved to fix the judicial system, build up the military by creating a National Guard, and secure a higher minimum wage. Energy reform is progressing.
Before the election turmoil, Mr. Dimon said last November that he felt there was a “huge” opportunity in Mexico amid a boom in factories moving there to be closer to the U.S. market in a trend called nearshoring. .
JPMorgan strategists earlier Thursday downgraded their long-held bullish view on the Mexican peso this week, citing risks from the “highly unpredictable” U.S. presidential election.
Mr. Fink met many times with Mr. Sheinbaum’s predecessor, Andres Manuel López Obrador, who often had tense relations with several local billionaires. Mr. Fink last visited Mexico in February, when he met with Mr. Sheinbaum as a candidate, sold products to the country’s pension funds and sold assets of Citigroup’s Citibanamex unit in 2018. He emphasized the commitment of BlackRock, which acquired the management business, to the country.
Although JPMorgan scaled back its private banking operations in Mexico in 2021, Mr. Dimon reiterated last year that it had increased its capital in Mexico.
–With assistance from Alex Vasquez.
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