JP Morgan Private Bank has announced its new branch in the Dubai International Financial Centre (DIFC) deepening its commitment to clients in the UAE and across the Middle East.
Regulated by the Dubai Financial Services Authority (DFSA), the new presence will provide JP Morgan Private Bank with a dedicated platform in DIFC from which to serve clients across the UAE and the wider region, an Emirates News Agency (WAM) report said.
The expansion represents the latest chapter in JP Morgan’s relationship with the UAE, spanning more than five decades. Over the past 20 years, the firm has also used DIFC as its regional base for corporate and investment banking and, more recently, broadened its activities with authorisation to provide asset management services through JP Morgan International Advisors.
Global hub for private wealth
Arif Amiri, Chief Executive Officer of DIFC Authority, said: “JP Morgan Private Bank’s expansion into DIFC reinforces Dubai’s position as a global hub for private wealth and reflects the confidence that the world’s foremost financial institutions continue to place in our financial centre. An institution of JP Morgan’s global stature choosing to deepen its commitment to the UAE and specifically DIFC is testament to the strength of our ecosystem, international connectivity and ability to connect global institutions with opportunities across the region.”
Over the past 12 months, and in readiness for the authorisation, JP Morgan Private Bank has more than tripled the size of its Dubai-based private banking team in a deliberate move to ensure the right talent and capabilities are in place. The team is led by Selim Elgen, UAE Market Head and Senior Executive Officer, and Karim Rekik, Regional Head, Middle East at JP Morgan Private Bank.
Finest talent
Elgen commented: "Over the past year, we have worked tirelessly to recruit the finest talent in the region. We strongly believe that to truly understand our clients, from the challenges they face to the potential opportunities available to them, location and environment are key. That is why being here, in the UAE and operating from DIFC, with a team rooted in this market, matters."
Rekik said: "The UAE and the broader Middle East represent a significant and growing opportunity for us as a business and for our clients. This branch is about making sure we are here, with the right people and capabilities, to help our clients navigate that opportunity and make the most of what this region has to offer."
Khaled Hobballah, Senior Country Officer, Mena, JP Morgan, said: “Our history in the UAE has given us a deep understanding of the market and strong confidence in its future. This branch underscores our continued commitment and strengthens how we serve clients here.”—TradeArabia News Service
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