US-based investment bank J.P. Morgan on Friday said it will open a new and expanded office in Athens, one aimed to boost its presence in the country and as the host of a new “payments innovation lab”, the latest high-profile multinational announcing a direct investment in previously bailout-plagued Greece.
The development was accompanied by news of the hiring of another 50 professionals for R&D and software engineering from the local market.
“The firm is in active discussions around securing suitable real estate to accommodate this exciting expansion in the country,” a J.P. Morgan statement read.
The payments lab will reportedly focus on support of development of the “Ledger” technology, AI and cryptography used in payment systems.
The global head of JP Morgan Payments, Takis Georgakopoulos, stressed that “We want to stay at the apex of payments innovation, and our new location in Athens will be a key nerve center for our cutting-edge payments innovation work. The firm has a track record of establishing successful tech centers that benefit from the renowned technology and engineering skills of people locally, and this exciting expansion brings that strategy to Greece in the payments space.”
Recruitment for the new Greece-based operation will begin immediately, including for a new head of the division.
J.P. Morgan’s presence in Greece dates back to 1968.
