(Finance) – The US bank JPMorgan Chase has merged most of its activities in the European Union in a single company in Germany, with the aim of simplifying its structure in the Old Continent after the exit of Great Britain from the EU. In particular, JP Morgan Bank Luxembourg SA and JP Morgan Bank (Ireland) plc. were merged into the German entity JP Morgan AG, which was converted into a “Societas Europaea”, or a European public company, now called JP Morgan SE (JPMSE). “This marks the conclusion of an enterprise-wide project aimed at providing a more scalable, well-capitalized and simplified structure with which EU-based customers can interact,” reads a statement.
JPMSE is based in Frankfurt and has a network of branches throughout the European Economic Area, with significant operations a Dublin, Luxembourg and Paris. Additionally, JPMSE maintains a subsidiary in London to serve certain aspects of the company’s private banking business. It is emphasized that the reorganization of the EU legal structure of the group does not involve changes to the current office locations. The merged company, which will have a total capital base of around 34 billion euros, is among the five largest banking legal entities in Germany and among the top 20 under the direct supervision of the ECB in the European Union.