JPMorgan Chase & Co. plans to begin operating a custodian business in Saudi Arabia by the second quarter, its chief executive for the Middle East, Turkey and Africa, Sjoerd Leenart, told Abu Dhabi-based publication The National.
JPMorgan has 70 employees in its Saudi Arabia office and plans to hire staff for the custodian business, in which the bank holds customers' securities for safekeeping, the publication reported March 5.
Leenart added that the company expects an increase in foreign investment flows into Saudi Arabian equities. JPMorgan created an equities brokerage in Saudi Arabia in 2017.
