J.P. Morgan has announced corporate restructuring plans that will establish a significant wealth management business operation in Luxembourg and enhance capabilities in divisions of its Corporate & Investment Bank - Treasury Services and Custody & Fund Services.
Image: JPMorgan Chase & Co. headquarters at 270 Park Avenue in Midtown Manhattan. Photo: courtesy of Rotatebot.
As part of the long-planned restructuring, the firm proposes to merge two legal banking entities into one allowing for seamless client support for these specific businesses across the European Economic Area.
Subject to regulatory and other approvals, J.P. Morgan International Bank Limited (JPMIB), a London-based bank authorized and regulated by the Prudential Regulation Authority and Financial Conduct Authority, will be merged with J.P. Morgan Bank Luxembourg S.A. (JPMBL), another member of the JPMorgan Chase &Co. group located in the European Economic Area.
JPMBL is a bank regulated and supervised by the Commission de Surveillance du Secteur Financier, and also supervised by the European Central Bank.
On completion of the merger, all JPMIB’s assets and liabilities – including client accounts, associated assets and legal agreements – will be transferred to JPMBL, and JPMIB will be dissolved. The firm anticipates the completion of the merger to occur in early 2019.
JPMorgan Chase & Co. is a leading global financial services firm with assets of $2.6 trillion and operations worldwide.
The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management.
A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands.
Source: Company Press Release