Milan Transfer Strategy
Our Payments and Commercial Banking businesses will be impacted as a result of recent legal and regulatory developments.
On October 27, 2025 (the Transfer Date), assets and liabilities linked to the Business will transfer from JPMCB Milan (JPMorgan Chase Bank, N.A., Milan branch) to JPMSE Milan (J.P. Morgan SE – Milan branch). Otherwise known as the Transfer.
Please note that lending will remain in JPMCB Milan.
The legal relationship you currently have with JPMCB Milan will be Transferred and assigned on the Transfer Date to JPMSE Milan, including your account(s) held with JPMCB Milan.
Key Changes
The Transfer will introduce changes to your IBAN, including the check digit, control internal number, bank identifier (ABI code) and branch code (CAB code). An example of the new IBAN format is shown below, with changes indicated in bold:
Current IBAN |
New IBAN |
IT XX X 03494 01600 000000123456 |
IT XX X 03370 XXXXX 000000123456 |
There will be no changes to your account number(s) (“000000123456” in the above example) or to the SWIFT/BIC code “CHASITMXXXX”.
Timeline
Migration activities will happen over the weekend of October 25-26, 2025.
The Transfer will be legally effective on October 27, 2025.
- April 2024: We sent you the first communication informing of the Transfer (details can be found in Frequently Asked Questions section).
- October 2024: We sent you a communication including further information about the impacts from the Transfer. Start preparing for the required changes to your systems and operations considering the IBAN impacts
- Q2 2025
- June 2025: You received new communications which included your new IBAN details. These will only be active after the Transfer Date.
- August 2025: You received a communication including your Regulatory Disclosures.
- October 27, 2025: Transfer is effective; please start using your new IBAN.
- 9-month Transition period: During the Transition period we will support usage of the old IBAN for 9 months (this will not apply for SEPA B2B DD). Your Client Service representative will be able to provide details of who is still using your old IBAN. After this period, only transactions using the new IBAN will be accepted.
What to do after receiving your new IBAN
We’ll share your new IBAN to the address(es) we have on file during the second quarter of 2025. While it will not be active until the Transfer Date, you’ll need to take the following steps once you receive it:
- Update any files or applications where your IBAN is listed.
- Notify your impacted clients, vendors or partners about this change so they have time to make updates, as necessary.
You Should Know
We shared your new IBAN in June of 2025—if you haven't received it yet, please reach out to your client service representative.