JP Morgan Chase to open Saudi commercial branch

31 July 2010

JPMorgan Chase has unveiled plans to become the first US bank to open a full-service commercial branch in Saudi Arabia this year, as part of a plan to accelerate growth in emerging markets, Bloomberg has reported. The firm had obtained a full commercial banking license from the Saudi government in 2005 and is now the only US financial firm to hold one. The firm, building on an investment banking office, is adding services to attract more corporate and institutional customers, according to Daniel Cotti, the New York-based bank's executive for global trade services.

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