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(Bloomberg) — Mexico’s finance minister met with the chief executives of JPMorgan Chase & Co. and BlackRock Inc. on Thursday in New York.
Rogelio Ramirez de la O had separate meetings with JPMorgan’s Jamie Dimon and BlackRock’s Larry Fink, according to people with knowledge of the matter who are not authorized to speak publicly about the meetings.
JPMorgan and BlackRock declined to comment. Mexico’s Finance Ministry did not immediately respond to a request for comment.
The meetings come at a time the government of President Claudia Sheinbaum is eyeing the change in administration as an opportunity to jumpstart investment. Investor sentiment toward Mexico has become jittery since a landslide congressional win by the ruling party coalition gave it enough power to overhaul the constitution.
Congress has already moved to modify the judiciary, boost the military by bringing the National Guard under its structure, and secure increases to the minimum wage. An energy reform is in progress.
Prior to the electoral turmoil, Dimon said last November he saw a “huge” opportunity in Mexico amid a boom of factories moving to the country to be closer to the US market in the trend called nearshoring.
JPMorgan strategists earlier Thursday downgraded their long-standing bullish call on the Mexican peso this week due to the risks from a “highly-unpredictable” US presidential election.
Fink met multiple times with Sheinbaum’s predecessor Andres Manuel Lopez Obrador, who often had tense relationships with several local billionaires. Fink last visited Mexico in February, when he met Sheinbaum as a candidate and underscored BlackRock’s commitment to the country, where it sells products to the country’s pension funds and acquired the asset management business of Citigroup’s Citibanamex unit in 2018.
JPMorgan wound down its private banking operations in Mexico back in 2021, but Dimon reiterated last year that the company had increased its capital in the country.
–With assistance from Alex Vasquez.
More stories like this are available on bloomberg.com
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