JPMorgan sets up legal entity in Abu Dhabi’s ADGM

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FILE PHOTO: JP Morgan Chase & Co. corporate headquarters in New York
FILE PHOTO: A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar/File Photo

June 29, 2021

DUBAI (Reuters) – JPMorgan has set up a new legal entity in Abu Dhabi’s financial centre ADGM, it said in a statement on Tuesday.

The bank has been physically present in the emirate for 10 years through a representative office, but has now established a new legal entity, called J.P. Morgan Middle East, licenced by the Abu Dhabi Global Markets Financial Services Regulatory Authority.

This will “enable the firm to provide a more complete suite of J.P. Morgan products and services to clients in Abu Dhabi,” the U.S. bank said.

(Reporting by Davide Barbuscia, editing by Louise Heavens)