J.P. Morgan launches treasury, money market and foreign exchange operations in Saudi Arabia
Jan 14, 2011
Riyadh, 14 January 2011– J.P. Morgan, a leading provider of Treasury and Securities Services in Saudi Arabia, today launched treasury, money market and FX operations in the Kingdom. In this first part of its expansion plans in Saudi Arabia, J.P. Morgan will become a local market counterparty and support clients with local booking and processing from operations in Riyadh.
“We are delighted to provide our clients with a suite of J.P. Morgan treasury products as we become a fully functioning bank in the Kingdom,” said Reema Al-Asmari, head of Treasury, J.P. Morgan, Saudi Arabia. “We look forward to providing the best possible service to our clients by being closer to them and the markets that concern them the most.”
“Saudi Arabia is an important growth market where J.P. Morgan’s strength as a global bank and US dollar clearing agent enables us to add value at an important time for the Kingdom. Further, this expands our international banking capabilities to address the increasingly global nature of our clients and the need to service those clients’ cross-border needs,” said Abdulaziz Al Helaissi, Senior Country Officer for J.P. Morgan in Saudi Arabia. “The launch of J.P. Morgan’s local counterparty capabilities is a critical part of executing our expansion plans in Saudi Arabia and demonstrates our ongoing commitment to the Kingdom.”
J.P. Morgan has a long standing commitment to Saudi Arabia, where it has conducted business for over 75 years and provides Investment Banking and Treasury and Securities Services.