JP Morgan, the renowned American multinational financial services firm, is poised to enhance its presence in Abu Dhabi by expanding its payments and corporate banking services, according to an announcement.
The move follows the firm's attainment of preliminary approval from the Financial Services Regulatory Authority (FSRA), allowing it to elevate its license to category one.
The disclosure unfolded during virtual remarks delivered by the CEO, Jamie Dimon, at the Abu Dhabi Economic Forum.
JP Morgan's strategic initiative involves the extension of its services to encompass deposit-taking and payment provisions for wholesale banking clients based in the Abu Dhabi Global Market (ADGM).
Having initially established its presence in ADGM in 2021, JP Morgan has been an integral part of the UAE's financial landscape for more than a decade.
This expansion serves as shows JP Morgan's dedication to fortifying its offerings and bolstering its footprint in the dynamic financial landscape of Abu Dhabi.