JP Morgan will expand its payments and corporate banking services in Abu Dhabi after receiving in-principle approval from the emirate’s Financial Services Regulatory Authority (FSRA) to upgrade its licence to category one.

The announcement was made as virtual remarks on Monday by CEO Jamie Dimon at the Abu Dhabi Economic Forum, held on the first day of the Abu Dhabi Finance Week.

The bank is planning to take deposits and offer payments to wholesale banking clients from the Abu Dhabi Global Market (ADGM), the financial centre of the UAE capital. 

The bank first set up in ADGM in 2021 but has been present in the UAE for more than 10 years.

(Reporting by Imogen Lillywhite; editing by Seban Scaria)