Argentina President Milei to meet JPMorgan CEO Dimon this week

Item 1 of 2 Argentina’s President Javier Milei looks on as he arrives ahead of a meeting with the Pope, at the Vatican February 12, 2024. REUTERS/Yara Nardi

[1/2]Argentina’s President Javier Milei looks on as he arrives ahead of a meeting with the Pope, at the Vatican February 12, 2024. REUTERS/Yara Nardi Purchase Licensing Rights, opens new tabNEW YORK, Oct 23 (Reuters) – Argentine President Javier Milei will meet with JPMorgan Chase (JPM.N), opens new tab CEO Jamie Dimon in Buenos Aires this week, according to three sources familiar with the matter.

Milei will attend a conference organized by the biggest U.S. lender on Friday for bank and industry executives, including clients coming from other countries in Latin America, according to the sources. Dimon’s meeting with Milei is part of a scheduled JPMorgan visit during which its international council will also convene in Buenos Aires, one of the sources said.

Sign up here.

Bloomberg News reported about the meeting earlier.

Milei faces crucial legislative elections on Sunday to determine whether he will be able to continue his economic overhaul of the country, which has been backed by the U.S. and encouraged investors.Argentina’s central bank said earlier this month it signed a $20 billion exchange-rate stabilization agreement with the U.S. Treasury Department, part of a U.S. plan to support Milei’s reform policies ahead of key midterm elections this weekend.U.S. Treasury Secretary Scott Bessent also said last week that the department was working with banks and investment funds to create a $20 billion facility to invest in the South American country’s sovereign debt.

However, some of the largest lenders are reluctant to lend unless details on what the collateral for the lending program may look like are determined, one of the sources said.

Bankers are still waiting for guidance from the Treasury Department on what the collateral could be, the source added.

The Wall Street Journal had first reported on the banks’ deliberations on Monday.

Reporting by Nupur Anand and Tatiana Bautzer in New York and Walter Bianchi in Buenos Aires; Editing by Lananh Nguyen and Richard Chang

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Purchase Licensing Rights

Nupur Anand is a U.S. banking correspondent at Reuters in New York. She focuses on JPMorgan Chase, Wells Fargo and regional banks. Anand covered banking and finance in India for more than a decade, chronicling the collapse of major lenders and turmoil at digital banks and cryptocurrencies. She has a degree in English literature from Delhi University and a postgraduate diploma in journalism from the Indian Institute of Journalism & New Media in Bangalore. Anand is also an award-winning fiction writer.