JPMorgan is to open an office in Munich, expanding its business in Germany.

JP Morgan plans to set up an office in Munich, as the US banking giant continues to expand in Europe's largest economy.

The new Munich office will focus on asset management and corporate banking, said Jamie Dimon, the bank's chief executive.

Around 30 employees are expected to eventually work at the new office, according to a person familiar with the matter. Recruitment is under way, but the physical office is not expected to open until next year, the person said, speaking on condition of anonymity because the matter is not public.

JP Morgan has been expanding its business in Germany for years and established its European headquarters in Frankfurt after Britain's exit from the European Union. The bank is seeking to increase its business with small and medium-sized enterprises and has announced plans to launch a digital consumer bank in the country.

“We want to do more business with large and mid-sized companies, and we want to grow in payments and investment banking, and we want to launch new products and continue to grow our staff,” Mr Dimon said of the German plans.