J.P. Morgan Private Bank has established a branch at Dubai International Financial Centre (DIFC), creating a regulated base for its private banking operations in the UAE and the wider Middle East, Africa and South Asia region.
The Dubai Financial Services Authority (DFSA) regulates the branch. J.P. Morgan Private Bank will use the DIFC presence to serve clients in the UAE and across the region.
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The opening builds on J.P. Morgan’s operations in the UAE, where the firm has been active for more than five decades.
DIFC has been the firm’s regional corporate and investment banking base for 20 years.
Ahead of the private banking authorisation, the firm more than tripled its Dubai private banking workforce during the past 12 months, DIFC said in a statement.
DIFC Authority CEO Arif Amiri said: “J.P. Morgan Private Bank’s expansion into DIFC reinforces Dubai’s position as a global hub for private wealth and reflects the confidence that the world’s foremost financial institutions continue to place in our financial centre.
“An institution of J.P. 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.”
J.P. Morgan later expanded its DIFC activities after J.P. Morgan International Advisors received authorisation to provide asset management services.
Selim Elgen, UAE market head and senior executive officer, heads the UAE private banking operation.
Karim Rekik is regional head, Middle East at J.P. Morgan Private Bank.
Elgen said: “Over the past year, we have worked tirelessly to recruit the finest talent in the region. 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.
“That is why being here, in the UAE and operating from DIFC, with a team rooted in this market, matters.”
