(Bloomberg) — Mexico’s Finance Minister met with the CEOs of JPMorgan Chase & Co. and BlackRock Inc. Thursday in New York.
Rogelio Ramirez de la O held separate meetings with JPMorgan’s Jamie Dimon and BlackRock’s Larry Fink, according to people familiar with the matter who were not authorized to speak publicly about the meetings.
JPMorgan and BlackRock declined to comment. The Mexican Finance Ministry did not immediately respond to a request for comment.
The meetings come at a time when President Claudia Sheinbaum’s government views the change in administration as an opportunity to stimulate investment. Investor sentiment towards Mexico has become tense since the ruling party coalition’s landslide victory in Congress gave it sufficient power to reform the constitution.
Congress has already moved to reform the judiciary, strengthen the military by including the National Guard, and secure minimum wage increases. Energy reform is in progress.
Before the election turmoil, Dimon said last November that he saw a “tremendous” opportunity in Mexico amid a boom in factories moving to the country to be closer to the U.S. market in a trend called “near relocation.”
Strategists at JP Morgan earlier Thursday lowered their long-term bullish forecast on the Mexican peso this week due to risks from the “highly unpredictable” US presidential election.
Fink met several times with Sheinbaum’s predecessor Andrés Manuel López Obrador, who often had tense relations with several local billionaires. Fink last visited Mexico in February, when he met with Sheinbaum as a candidate and reiterated BlackRock’s commitment to the country, which sells products to the country’s pension funds and acquired the asset management business of Citigroup’s Citibaumex unit in 2018.
JPMorgan ended its private banking operations in Mexico in 2021, but Dimon confirmed last year that the company had increased its capital in the country.
–With assistance from Alex Vasquez.
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