Global investment bank JP Morgan has set up a new legal entity in Abu Dhabi Global Market as it aims to provide more services to its clients and expands its presence in the emirate.
The new entity, JP Morgan Middle East, is licensed by the Abu Dhabi Global Markets Financial Services Regulatory Authority and will allow the lender to provide its full set of product offerings such as corporate banking, security services and wholesale payments including treasury services and trade directly to clients in Abu Dhabi, it said in a statement on Tuesday.
“We will continue to work closely with our clients to support their continued growth with best advice and financing,” Declan Hegarty, senior executive officer of JP Morgan Middle East and Abu Dhabi general manager, said.
“Our aim is also to deliver the latest in technology innovation, to provide better visibility and further efficiency gains, as companies in Abu Dhabi continue to transform and enhance their businesses.”
JPMorgan is part of JPMorgan Chase, the biggest bank in the US listed on New York Stock Exchange. It is a global financial services firm with assets worth $3.7 trillion. The firm, which specialises in investment banking, commercial banking and asset management, among other things, is active in a number of countries globally.
JP Morgan has been servicing clients in Abu Dhabi for over four decades and has been physically present in the emirate for the past 10 years through a representative office, regulated by Central Bank of the UAE.
“Abu Dhabi continues to be a key market for us and the new legal entity in the ADGM further highlights our commitment to our presence in the UAE,” Majed Al-Mesmari, senior country officer and head of investment banking for the UAE, said.
ADGM, which aims to connect the capital with international markets in the Middle East, Africa and South and East Asian economies, is part of Abu Dhabi's efforts to diversify its economy.
The financial free zone's ecosystem includes international business and financial institutions, treasury centres, professional services firms, global investors, small and medium-sized enterprises as well as start-ups and financial technology firms.
Abu Dhabi's economy is expected to grow between 6 per cent and 8 per cent over the next two years, driven by government spending, financial services and foreign direct investment, Mohammed Al Shorafa, chairman of the emirate’s Department of Economic Development, said earlier this year.