JPMorgan considers opening an office in Uruguay

JPMorgan is considering opening an office in Uruguay, a market it currently covers from Buenos Aires. Facundo Gómez Minujín, the bank's CEO for the Southern Cone, highlighted the country's institutional stability and strong local financial sector in an interview with Bloomberg Línea.

Gómez Minujín, who oversees Argentina, Uruguay, Paraguay, and Bolivia, noted that the main motivation is access to family offices. He said that while the bank manages clients from Argentina, establishing a physical presence would add direct value. In Argentina, JPMorgan employs over 4,200 people, mostly in a talent center larger than all its other Latin American offices combined.

The potential expansion comes as growth forecasts for Uruguay slow. In April, the International Monetary Fund lowered its 2026 economic growth forecast for the country to 1.8%, matching 2025, before an expected acceleration to 2.6% in 2027. Uruguay's Ministry of Economy and Finance cut its own growth projections in the 2026 Rendición de Cuentas to 1.6% for 2026 and 2.1% for 2027.

Gómez Minujín pointed out that debates over pension reforms had temporarily slowed investment. President Yamandú Orsi kept the retirement age at 65 and maintained private pension managers, but is now advancing optional early retirement at age 60 with 30 years of contributions. The executive also noted that about two-thirds of bank deposits in Uruguay remain in US dollars, though he praised the government's efforts to issue more public debt in local currency.