JPMorgan and Bpifrance will invest $60 million in French funds managed by women

Natalie Portman
By Natalie Portman 3 Min Read
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By Mathieu Rosemain

PARIS (RockedBuzz by way of Reuters) – JPMorgan mentioned on Wednesday it’s partnering with Bpifrance to invest about $60 million in female-led non-public funding companies in France, the place the financial institution has its largest European buying and selling and funding banking hub after London.

The partnership with the French state funding financial institution follows JPMorgan’s five-year, $30 million program for poor areas round Paris introduced in 2018, in a transfer prone to increase the U.S. lender’s profile with the federal government French. Paris is a buying and selling and funding banking hub for JPMorgan in Europe. It is the third largest metropolis in the European Union in phrases of staff with 900 folks, after Warsaw (1,200) and Dublin (greater than 1,000).

The oldest U.S. financial institution in France, the lender has a historical past in the nation relationship again to 1868. It is headquartered on Paris’ historic Place Vendome, close to the Tuileries Gardens and the Louvre, in a constructing bought greater than 100 years in the past .

The firm’s Paris headquarters is positioned throughout the road from the French Ministry of Justice and shares the sq. with the Ritz Paris Hotel and high-end jewellery shops and luxurious manufacturers akin to Cartier and Louis Vuitton.

Following Britain’s exit from the European Union, JPMorgan purchased a seven-story constructing close to its historic headquarters in the first arrondissement to accommodate extra staff.

JPMorgan will commit $50 million of the $60 million funding and Bpifrance will present €10 million ($10.66 million). The objective is to lift between 150 and 200 million euros by the top of 2024, the US lender mentioned.

Bpifrance will handle the car by way of which the investments will be made, known as Spark France, in shut collaboration with JPMorgan Asset Management, he added.

Additionally, JP Morgan will invest a further $20 million in poor communities in France.

JPMorgan CEO Jamie Dimon has promoted insurance policies and public-private partnerships that he believes will promote financial development.

($1 = 0.9377 euros)

(Reporting by Mathieu Rosemain; Editing by Anousha Sakoui and Louise Heavens)

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