Jamie Dimon's Greek Foray Offers JPMorgan a Gateway to Europe
- Viva Wallet CEO says U.S bank will acquire Greek firm’s loans
- Jamie Dimon travelled to Greece to complete Viva deal
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JPMorgan Chase & Co. is planning to use its recently acquired stake in Greek payments firm Viva Wallet to support lending to small businesses across Europe, an ambition that would introduce a rare cohesion to the continent’s fragmented banking markets.
Viva Wallet’s Chief Executive Officer Haris Karonis said in an interview Tuesday that the U.S. lender is backing his firm’s plan to expand into business loans, in the form of merchant advance for its clients. Loans made by Viva Wallet will be immediately transferred to a special purpose vehicle owned by JPMorgan effectively making it the first commercial bank to offer financing across Europe, Karonis said.