J.P. MorganJ.P. Morgan

At the opening event which was attended by over 170 of J.P. MorganJ.P. Morgan's clients in the region, Jamie Dimon, Chairman and CEO of JPMorgan Chase, said: "We are delighted to be celebrating J.P. MorganJ.P. Morgan's long standing history of serving clients in Saudi Arabia, which dates back to the 1930s. We are currently one of only a handful of global banks with a banking and securities licence in the Kingdom and our business has grown organically over many years."

Ghassan Abdul Karim, CEO of the Middle East and North Africa at J.P. MorganMiddle East and North Africa at J.P. Morgan, said: "We will continue to invest in Saudi Arabia and the wider region where we anticipate significant growth opportunities, and remain commited to offering our clients world-class investment banking services."

Mohammad Al Tuwaijri, senior country officer for J.P. MorganJ.P. Morgan in Saudi Arabia and head of its subsidiary in Riyadh, said: "We have a tremendous heritage in Saudi Arabia and our strong local presence combined with our international product and industry expertise are essential to our client offering."

J.P. MorganJ.P. Morgan's relationship with the Kingdom of Saudi Arabia dates back to the forging of the Saudi Kingdom in the early 1930s. Its heritage firm, Morgan Guaranty enjoyed access to the Middle East that no other firm could replicate and was instrumental in the creation of Aramco's financial transactions. It was also the only bank to travel regularly to Saudi Arabia after World War II, and was also closely involved in the creation of Saudi Arabian Monetary Agency (SAMA) in the 1950s and helped reform Saudi finance.

In June 2004, J.P. MorganJ.P. Morgan was one of three institutions to receive the first-ever banking licenses issued to global banks from Saudi Arabia, reflecting the firm's long-term activity in the country. Since then, the firm has formed a local subsidiary and secured a licence from the CMA to conduct securities business in the Kingdom. The new Riyadh office, based in Al Faisaliah Tower, King Fahd Road, is led by Mohammad Al Tuwaijri, senior country officer for J.P. MorganJ.P. Morgan in Saudi Arabia and head of the subsidiary and Faisal Ansari, who is branch manager. Faisal, who joined the firm in March from The Saudi British Bank in Riyadh and who has over 15 years of financial services experience, is also responsible for spearheading and coordinating any Islamic banking activity for J.P. MorganJ.P. Morgan's Treasury & Securities Services business.

J.P. MorganJ.P. Morgan's investment banking team in Riyadh, supported by industry and product specialists based in London, provides Saudi-based clients with investment banking solutions across the board, including debt and equity capital markets, mergers and acquisitions and global market solutions. It has consistently been involved in some of the most high profile transactions in Saudi Arabia and is recognized as a trusted advisor in the local financial community.

Over the years, J.P. MorganJ.P. Morgan has advised on a number of landmark transactions in the Kingdom including Riyadh Bank's $500 million inaugural Eurobond issue and Saudi Aramco's flagship $4 billion revolving credit facility.

Recent transactions and mandates that the firm advised on in the Middle East include the $2.5 billion IPO for Ma'aden (Saudi Arabian Mining CompanySaudi Arabian Mining Company), Petrochemical Industries Company's $19bn global petrochemicals joint venture with Dow Chemical (ongoing), Etisalat's $2.9bn acquisition of the third GSM license in Egypt, Dubai International Capital's $1.2bn acquisition of Almatis from Rhone Capital, advising the Government of Lebanon on the multi-billion sale of its two mobile licenses and advising Arcapita on its $1bn acquisition of Profine (HT Troplast). Additionally, J.P. MorganJ.P. Morgan has led a number of recent significant capital markets transactions in the region including Dana Gas's $1bn convertible Sukuk offering, Nakheel's $750m convertible Sukuk offering and the $1.5 billion secondary offering by Saudi Telco Mobily.

-Ends-

About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM), is a leading global financial services firm with assets of $2.0 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. MorganJ.P. Morgan, Chase, and Washington Mutual brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

About J.P. MorganJ.P. Morgan in the Middle East and North Africa
J.P. MorganJ.P. Morgan has a committed and long-standing history of serving clients in the Middle East and North Africa (MENA) dating back to the 1930s and has had a presence on the ground since 1950s when The Chase Manhattan Bank, a forerunner of today's J.P. MorganJ.P. Morgan, opened an office in Beirut, Lebanon. The firm has had a presence in Bahrain and Cairo, Egypt for over 30 years and in 2007 it set up a branch in Riyadh, Saudi Arabia and opened an office in Dubai, United Arab Emirates. Across the Gulf Cooperation Council (GCC), the Levant region and North Africa the firm's Investment Banking business has key relationships with governments, top financial institutions and corporates. J.P. MorganJ.P. Morgan also has a Private Banking franchise providing world class wealth management expertise to high net worth individuals and their families, and an Asset Management business which provides clients in certain part of the region with investment management advice and tailored solutions. Treasury & Securities Services is also the firm's strength, as one of the world's largest cash management providers and a leading global custodian. Further information is available at www.jpmorgan.com/mena.

© Press Release 2008

 

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