The move shows how banks are reconfiguring booking centres to cope with how some clients are putting money in places such as Switzerland or the US. 

JP Morgan is closing its private banking business in Mexico, Bloomberg reported, citing unnamed sources. Wealthy clients in some of Latin America’s main economies are shifting assets to global financial centres.

This news service contacted the US bank on Friday and may update in due course. 

The bank agreed to pass on local business to BBVA Mexico, the local unit of Banco Bilbao Vizcaya Argentaria SA, Bloomberg reported, citing a source. JP Morgan will continue to serve clients from Mexico through its platform outside of the country, it added.

JP Morgan has also wound down a local private banking business in Brazil, referring Brazilian wealth clients to Banco Bradesco. The move shows how banks are reconfiguring booking centres to cope with how some clients are putting money in places such as Switzerland or the US. 

The report said that in Mexico, the policies of President Andres Manuel Lopez Obrador, including a tax crackdown, have encouraged families to transfer wealth abroad. It added that Mexicans shipped $18.8 billion to foreign accounts last year, the most since 2016, based on central bank data.