The unit--a subsidiary of J.P. Morgan Chase Bank--is headquartered in Frankfurt, Germany and led by CEO Stefan Behr, who is also a member of the firm’s Europe, Middle East and Africa committee.

The merger, a consequence of Brexit, was the final move in a larger project aiming, according to a press release, to “deliver a more scalable, well capitalized, and simplified structure for EU-based clients to interact with. JPMSE offers products and services across J.P. Morgan’s businesses, including its Corporate & Investment Bank, Commercial Bank and Private Bank, and provides access to EU liquidity for clients operating globally.”

J.P. Morgan Bank Luxembourg S.A. and J.P. Morgan Bank Ireland plc. have been merged into J.P. Morgan Bank AG based in Germany, which effectively transformed the AG into a EU public company (“Societas Europea”). JPMSE is thus under the supervision of the European Central Bank, which will be supported by the BaFin, Deutsche Bundesbank and, in Luxembourg, by the national watchdog CSSF.

“In certain respects, it is also subject to conduct of business supervision by the National Competent Authorities in the respective jurisdictions where it has established branches in the EEA,” the company added.

According to rating agencies, the company said, JPMSE’s rating will be inherited from the former JPMAG.

UK entities are not affected by the merger of the EU credit institutions.

Delano has reached out to J.P. Morgan bank Luxembourg for comments on the impact of the consolidation on the national branch.