JP Morgan Private Bank Sets Up In DIFC After Tripling Its Dubai Team

(MENAFN- Khaleej Times) JP Morgan Private Bank has opened a new branch in the Dubai International Financial Centre (DIFC), expanding its presence in the UAE and deepening its commitment to clients across the Middle East, the bank announced on Monday.

Regulated by the Dubai Financial Services Authority (DFSA), the branch will serve as a dedicated platform from which the bank serves clients in the UAE and, where permitted, the broader region.

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In preparation for the authorisation, JP Morgan Private Bank has more than tripled the size of its Dubai-based private banking team over the past 12 months. The team is led by Selim Elgen, UAE Market Head and Senior Executive Officer, and Karim Rekik, Regional Head, Middle East.

“Over the past year, we have worked tirelessly to recruit the finest talent in the region,” Elgen said.“We strongly believe that to truly understand our clients, from the challenges they face to the potential opportunities available to them, location and environment are key.”

Rekik described the UAE and the wider Middle East as“a significant and growing opportunity” for the bank and its clients. He said the branch was about ensuring the bank has“the right people and capabilities” in the region.

The expansion is the latest chapter in JP Morgan's relationship with the UAE, which spans more than 50 years. For the past 20 years, the firm has used DIFC as its regional base for corporate and investment banking. It has more recently broadened its activities with authorisation to provide asset management services through JP Morgan International Advisors.

Khaled Hobballah, Senior Country Officer, Mena, JP Morgan, said the bank's history in the UAE had given it“a deep understanding of the market and strong confidence in its future”.

Arif Amiri, Chief Executive Officer of DIFC Authority, said the move reinforced Dubai's position as a global hub for private wealth. He said it reflected the confidence that leading financial institutions continue to place in the centre.

“An institution of JP Morgan's global stature choosing to deepen its commitment to the UAE and specifically DIFC is testament to the strength of our ecosystem, international connectivity and ability to connect global institutions with opportunities across the region,” Amiri said.

The bank said the new branch would strengthen its ability to serve clients with greater proximity, continuity and local insight.

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