JP Morgan, the largest US bank, is planning to expand its presence in the UAE by offering deposit-taking and payment-processing services to wholesale banking clients from the Abu Dhabi Global Market for the first time.
The Financial Services Regulatory Authority (FSRA) of the UAE has granted in-principle approval to JP Morgan Middle East Limited in the ADGM to upgrade its licence to category one, allowing the firm to offer a wider breadth of services, covering payments and corporate banking businesses, a statement from the banking giant said.
“This is an important step for JP Morgan to further develop its longstanding UAE footprint by upgrading the license of our ADGM registered entity to category one. J.P. Morgan continues to invest in its presence in Abu Dhabi and I am delighted we are increasing our capabilities to support clients to drive business growth,” said Declan Hegarty, senior executive officer for Abu Dhabi, JP Morgan.
Sara Castelhano, co-head of EMEA Payments and Commerce Solutions of the bank said the lender would bring its cutting-edge payments platforms to ADGM, enabling its clients to build efficient in-house banks and optimise their treasury operations.
“We are delighted to welcome JP Morgan to ADGM. We are confident that ADGM’s dynamic ecosystem and progressive regulations will enable JP Morgan’s vision, supporting them in developing their presence across Abu Dhabi and UAE’s vibrant financial landscape. JP Morgan’s growing presence across Abu Dhabi reaffirms ADGM’s appeal to leading international financial institutions and its strategic value to global finance. We look forward to witnessing the positive impact of J.P. Morgan on Abu Dhabi’s financial ecosystem and beyond,” Arvind Ramamurthy, chief of market development at ADGM said.
The US lender, the world’s fifth largest in terms of total assets of $3.744 as per Forbes, is a leading player in investment banking and financial services. It provides a range of product offerings to clients in Abu Dhabi, such as Corporate Banking, Securities Services, and Payments including Treasury Services and Trade. The bank established JP Morgan Middle East Limited in ADGM in 2021 having been present in the Emirate for over 10 years and servicing clients there for over four decades.
“JP Morgan Payments brings treasury services and working capital solutions to help clients optimize their liquidity and move funds efficiently around the world. It processes nearly $10 trillion payments daily, operating in over 160 countries and over 120 currencies, and ranks number one in US dollar payments volume, globally,” said the statement.