J.P. Morgan strengthens its Luxembourg presence to serve European clients
J.P. Morgan has decided to establish a significant wealth management hub in Luxembourg and increase its capabilities in its Corporate & Investment Bank - Treasury Services and Custody and Fund Services.
With a licensed universal bank in Luxembourg, J.P. Morgan has a long-standing and significant footprint in the Grand Duchy, which already today is home to one of the group’s largest presences in Europe outside London. According to plans announced today, J.P. Morgan intends to merge its London-based entity J.P. Morgan International Bank Limited (JPIMB) with J.P. Morgan Bank Luxembourg, the latter being regulated and supervised by both the Luxembourg regulator as well as the European Central Bank.
Once the merger is completed, expected in early 2019, all assets and liabilities of the London-based J.P. Morgan International Bank will be transferred to the Luxembourg entity and (JPIMB) will be dissolved. This Luxembourg-based merged entity will allow J.P. Morgan to seamlessly serve clients in specific business lines across the European Economic Area.