US banking giant JPMorgan is consolidating most of its European Union businesses into one legal German entity, known as JP Morgan SE (JPMSE), in a bid to simplify its structure for the bloc following Brexit.

The bank has merged Luxembourg and Irish units into the German entity – JP Morgan AG, which has been converted into a European public company.

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Frankfurt-based JPMSE has branches across the European Economic Area (EEA), with considerable presence in Dublin, Luxembourg, and Paris.

It offers products/services across JPMorgan’s businesses including its corporate & investment bank, commercial bank and private bank.

JPMSE also provides access to EU liquidity for clients operating globally.

Additionally, the combined entity will operate a branch in London to support the firm’s private banking business.

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The restructure will not impact existing office locations, the bank noted.

With a total capital base of around €34bn, JPMSE is said to be among the five largest banking entities in Germany and among the top 20 in the EU. 

Stefan Behr is JPMSE’s CEO who is also a member of the firm’s Europe, Middle East and Africa (EMEA) management committee.

In a separate development, JP Morgan Asset Management formed a new sustainability-focused growth private equity investment team.

JPMorgan will support the team’s first investment strategy by investing $150m. 

The new team sits within JP Morgan Private Capital, a growth equity platform.

JP Morgan Asset Management CEO George Gatch said: “We are in a unique position to leverage our global scale, data science capabilities, and the expertise of our sustainability leaders to source and invest in best-in-class companies driving the sustainable future.”