J.P. Morgan International Bank has been established in response to the new financial and regulatory world that is emerging in Europe, says John Gent
, Chief Executive of the new bank.Our objective was to create a tailor-made platform for our cross-border private banking business that would benefit in full from all EU directives and legislation aimed at creating a free market for financial services.We have designed this platform to run on a single technology and operations hub shared with all our private banking activities outside the US.We will now be able to offer an enhanced range of services to our clients and facilitate the efficiency of our existing service to them..
The establishment of a branch of J.P. Morgan International Bank in Brussels will provide advantages to clients.Brussels is familiar to us and to many of our clients.
It provides a low-cost environment for all non-residents of Belgium, offering neutral tax rate impact for clients, the absence of transaction duties and a high level of protection of client confidentiality, says Gent
.Furthermore, sophisticated Belgian laws governing custody and collateral management simplify the client's access to our credit services..
Subject to remaining regulatory approvals, the bank will commence operations during the second quarter of this year.
Members of the Board of J.P. Morgan International Bank include Declan Sheehan, head of private banking for Europe, the Middle East and Asia ; Hendrik van Riel, head of asset management services in Europe ; and Jes Staley, global head of private banking.The Board will also include at least one independent director.