J.P. Morgan Celebrates 75-year Presence in Saudi Arabia and Opens Office in Riyadh
J.P. Morgan, which has been serving clients in the Kingdom of Saudi Arabia for over three quarters of a century, last night celebrated the official opening of its office in Riyadh, further enhancing the reach and capabilities of its investment banking franchise in the Kingdom.
At the opening event, which was attended by over 170 of J.P. Morgan’s clients in the region, Jamie Dimon, chairman and CEO of JP Morgan Chase, said: “We are delighted to be celebrating J.P. Morgan’s long standing history of serving clients in Saudi Arabia, which dates back to the 1930s. We are currently one of only a handful of global banks with a banking and securities licence in the Kingdom and our business has grown organically over many years.”
Ghassan Abdul Karim, CEO of the Middle East and North Africa at J.P. Morgan, said: “We will continue to invest in Saudi Arabia and the wider region where we anticipate significant growth opportunities, and remain commited to offering our clients world-class investment banking services.”
J.P. Morgan’s relationship with the Kingdom of Saudi Arabia dates back to the forging of the Saudi Kingdom in the early 1930s. Its heritage firm, Morgan Guaranty, enjoyed access to the Middle East that no other firm could replicate and was instrumental in the creation of Aramco’s financial transactions. It was also the only bank to travel regularly to Saudi Arabia after World War II, and was also closely involved in the creation of Saudi Arabian Monetary Agency (SAMA) in the 1950s and helped reform Saudi finance.