JP Morgan Granted Banking Licence in Dubai

Stephen Harris

28 September 2006

JP Morgan has received a banking licence from the Dubai International Financial Centre and will open a 20-strong office there in 2007, according to a bank spokesman. The bank's Dubai operations will focus on private banking, treasury services and investment banking, and JP Morgan’s regional headquarters will remain in Bahrain. "We aren't moving anything from Bahrain - Dubai will be one of three offices in the region, as well as Bahrain and Saudi Arabia," the spokesman said.