U.S. Saudi Arabia Business Council website:
July 28, 2010 – J.P. Morgan Chase & Co. (J.P. Morgan) announced plans to expand its existing investment banking office and open the first full-service U.S. commercial bank in the Kingdom, in an attempt to attract more corporate and institutional customers. J.P. Morgan is currently the only U.S. financial firm to hold a full commercial banking license, which it obtained from the Saudi Government in 2005. According to the company, J.P. Morgan is eager to take advantage of investment opportunities in Saudi’s emerging market at a time when economic recovery in North America and Europe is still slow.
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