Belgium, Netherlands & Luxembourg
History in Belgium, Netherlands & Luxembourg
J.P. Morgan's history in Belgium dates back to 1919, when Guaranty Trust Co., a predecessor firm, opened a branch in Brussels. That year also marked the appointment of J.P. Morgan & Co. and Guaranty Trust Co. as fiscal agents for the Belgian Treasury in the United States. It was the first American bank to be established in Belgium.
In 1969, Morgan Guaranty launched Euroclear, a system providing for the orderly settlement of transactions in Eurobonds. This innovation followed other pioneering services to the Eurobond market by the Brussels office, including the development of procedures for the closing and initial distribution of major issues of Eurobonds.
J.P. Morgan's presence in the Netherlands dates back to 1962, when Morgan Guaranty International Finance Corp. became a minority shareholder in Mees & Hope Groep N.V., a Netherlands holding company. Over the following decades, several predecessor firms purchased interests in local banks and opened multiple offices. Chase Manhattan over time acquired a 100% interest in Nederlandse Credietbank N.V., which grew to become the fourth largest bank in the Netherlands in the 1980s based on assets, giving the firm a major presence in the Netherlands.
J.P. Morgan was incorporated in Luxembourg in 1973, initially specializing in private banking. Today the firm offers clients treasury and securities services and asset management solutions. In 1988 J.P. Morgan Asset Management (Europe) S.àr.l was established and is now among the largest promoters of Luxembourg-based funds. In 1989 the firm opened a depository bank. This business has grown significantly, and J.P. Morgan is now one of the largest custodian and fund administrator in the country.
Learn more about our history timeline in the region.