JP Morgan said on Monday it is expanding its payments and corporate banking businesses in Abu Dhabi, the capital of the United Arab Emirates (UAE), after getting a nod from regulators.
The UAE is vying with Saudi Arabia to be the go-to destination for economic activity, with the region gradually moving away from its reliance on oil.
The Financial Services Regulatory Authority has granted in-principle approval to JPMorgan to upgrade its license to category one, the bank said.
“We continue to add to the team this year and submitted an application to upgrade our license for a full category one bank signaling… the size of the opportunity here,” the bank’s CEO Jamie Dimon said in virtual remarks from New York, aired at the Abu Dhabi Finance Week conference in the UAE on Monday.
JP Morgan expands footprint
JP Morgan said it is planning to take deposits and offer payments processing to wholesale banking clients from the Abu Dhabi Global Market, the financial center of Abu Dhabi.
The bank had set up a legal entity in ADGM in 2021, but has had a physical presence in the UAE for more than a decade.