JPMorgan Chase & Co. is ramping up its mid-cap banking operations in Austria and central Europe, targeting private and family-owned businesses with dedicated relationship managers.
The U.S. banking giant has appointed Philippe Bull to lead coverage of mid-cap companies in Austria and recently recruited Marcin Pietrucha in Warsaw from Banco Santander SA’s Polish unit, which is currently being acquired by Erste Group Bank AG. Stefan Povaly, Co-Head of Global Corporate Banking for EMEA, said the hires reflect JPMorgan’s strategy to deepen engagement with ambitious, export-oriented family businesses in the region.
“You have a very high density of successful family-owned businesses that want to grow, export, and potentially pursue greenfield or brownfield investments in other markets,” Povaly told Bloomberg in an interview.
The two bankers will work closely with JPMorgan’s mid-cap team of over 100 professionals across EMEA, with plans to expand the number of local executives focusing on central and eastern Europe, including Turkey, into double digits.
The initiative will target startups and technology companies, as well as mid-sized businesses generating between €300 million and €2 billion ($355 million to $2.4 billion) in revenue, predominantly owned by entrepreneurs, families, or private equity investors. JPMorgan’s suite of services will encompass traditional lending, capital market solutions, and direct credit.
Povaly emphasized that JPMorgan does not aim to displace existing banking relationships. “We are not replacing the incumbent banking relationships, but particularly when companies have ambitions beyond their home market, we can very often add value,” he said.
The move highlights JPMorgan’s efforts to capitalize on the growth potential of family-run businesses in central Europe, a segment increasingly seeking international expansion and more sophisticated financial services.
