JP Morgan’s plans for expansion in Greece and the vote of confidence in the country

Today, Prime Minister Kyriakos Mitsotakis met with the President and CEO of JP Morgan Chase, Jamie Dimon.

The meeting came two days after the announcement that JPMorgan, one of the largest financial institutions in the world, is investing in the acquisition of approximately 49% of the online bank Viva Wallet.

During the meeting, Jamie Dimon informed the Prime Minister that JPMorgan intends to expand its office in Greece, to invest further in Viva Wallet and to attract high-level staff to the country.

“As you know, we have plans to expand over time, so this could be a technology hub for JPMorgan Chase around the world,” the banking giant said at the start of the discussion.

Kyriakos Mitsotakis noted that JPMorgan’s decision is a “vote of confidence in the country and the economy” and at the same time “confirms the new culture of startups that has appeared in Greece.”

The head of JP Morgan referred to Viva Wallet which, as he said, is “a great sign of talent” that Greece has in the field of technology and computer engineering. Mr. Dimon added that this is a field that offers an “excellent way “for the development of the economy.

As Capital.gr has written, in addition to the banking license and the presence in 23 countries that Viva Wallet has, one of the main points that attracted JP Morgan’s investment interest is the technology it has developed on electronic payments.

Being a fully digital neobank with its infrastructure exclusively in the cloud and with applications such as “tap on phone” that turns android phones into trading machines, Viva Wallet remains at the core of a technology company in the field of financial services.

“I’m excited about the progress you have made in Greece and we are also excited to buy 49% of Viva,” Jamie Dimon said during his meeting with the prime minister.

It is noted that the meeting was also attended by the Head of the Finance Office of the Prime Minister, Alexis Patelis, the Head of Investment Banking of JPMorgan in Greece Stelios Papadopoulos and Takis Georgakopoulos, Global Head of Wholesale Payments.

JP Morgan is a global leader in financial services, offering solutions to the world’s leading companies, governments and institutions in more than 100 countries and managing a total of over 2.8 trillion. is one of the largest holders of Greek bonds and has been present in Greece since 1968.

In a report the day before yesterday, she stated that she remains optimistic about the course of Greek bonds, despite the pressures that the Greek market and the eurozone market as a whole have received recently, as she points out that she expects Greek bonds to attract many young people. and quality investors.

According to its forecasts, growth in Greece this year will reach 5.2%, inflation will move to 1%, the budget deficit will reach 3.9% with the primary deficit at 1.4 %%. The current account deficit will be at 1.4% while the government debt to GDP ratio will be at 197%. It is worth noting that, according to the forecasts of the American bank, the growth course of Greece this year will be the strongest in the eurozone, after Spain and Portugal, where growth will be around 5.5% and 5.3%.

The entire dialogue between the Prime Minister and Jamie Dimon

Kyriakos Mitsotakis: I am very glad that you are in Greece and I would like to thank you for the vote of confidence in the country and the economy. I consider it very important that you made a significant investment in a Greek company fintech with a very high valuation. I believe that this move confirms the new culture of startups that has appeared in Greece.

I would like to point out something that I consider to be of particular importance, the option legislation enacted by our government, which is an advantage for all employees of the company.

I understand that you are also strengthening your overall presence in Greece in the sense that you provide more financing to Greek companies, while at the same time you have turned your attention to the country for possible investments in the Research and Development (R&D) sector.

What I can tell you is that the country has turned the page and that Greece in 2022 has few similarities with Greece during the period of economic crisis. We expect the final figures for growth for 2021 and I think it will be much higher than our budget forecasts. And I would not be impressed if we had a positive surprise in terms of growth in 2022.

But beyond that, I think we have laid the foundations for long-term, sustainable development. And we want you to be part of this story, not just because of your Greek background, but because you really see the opportunities that exist in the country. Thank you. Thank you for your visit.

Jamie Dimon: I’m excited to be here. You know, we first met in 2019 and we had planned a trip which was unfortunately canceled due to this terrible disease, Covid. But I’m excited about the progress you have made in Greece and we are also excited to buy 49% of Viva.

I think Viva is a great sign of the engineering talent you have in this country and it is a great way to grow. As you know, we have plans to expand over time, so this could be a technology hub for JPMorgan Chase around the world and I’m very happy for Greece, for my Greek heritage.

I am very proud to be Greek and I always think that if my grandparents were here, three of whom immigrated from the country in difficult times, they would be surprised today for two reasons: one is that I am with the Prime Minister and the second is that I am the President and CEO of JPMorgan Chase. So that makes me proud for many different reasons. Thank you.

Read also: