JPMorgan has launched treasury, money market and FX operations in Riyadh, Saudi Arabia.
The bank say this is the first part of its expansion plans in the region and that it will become a local market counterparty.
In the 2010 Euromoney FX survey, JPMorgan ranked third in the Middle East, with an 8.45% share of the market – compared with the market leader, Deutsche Bank, which has over 35%.
Abdulaziz Al Helaissi, senior country officer for JPMorgan in Saudi Arabia, says: “Saudi Arabia is an important growth market where JPMorgan’s strength as a global bank and US dollar clearing agent enables us to add value at an important time for the Kingdom. Further, this expands our international banking capabilities to address the increasingly global nature of our clients and the need to service those clients’ cross-border needs. The launch of JPMorgan’s local counterparty capabilities is a critical part of executing our expansion plans in Saudi Arabia and demonstrates our ongoing commitment to the Kingdom.”