Riyadh, 8 June, 2011 - J.P. Morgan today launched a full range of trade finance products, including documentary, guarantee and structured export and import finance trade products, through the JPMorgan Chase Bank Riyadh branch, which will enable Saudi-based companies to trade internationally and global MNCs to deliver their business in Saudi Arabia.
The Saudi Arabia-based trade finance capabilities extend J.P. Morgan's global coverage and complement the previously announced treasury, money market and foreign exchange products launched through the Riyadh branch earlier this year. The offering is supported by a team of trade finance professionals based in the Riyadh branch of JPMorgan Chase Bank N.A., a licensed bank in the Kingdom of Saudi Arabia, and supports all aspects of global trade.
"J.P. Morgan's trade finance capabilities, delivered through the Riyadh branch, demonstrate our commitment to serve our clients in the markets that matter to them the most, and to do so in the local time zone, local currency and with local service," said Farrukh Siddiqui, Regional Head of Trade Sales, J.P. Morgan, Middle East & North Africa. "Our global reach in trade finance, coupled with our local trade finance capabilities and correspondent banking network, make it easier for our global clients to access the opportunities here."
"Trade finance is at the heart of J.P. Morgan's strengths and a core capability of our corporate bank in Saudi Arabia. Delivering these capabilities in the Kingdom is another important milestone in the development of the bank here," said Abdulaziz Al Helaissi, Senior Country Officer, J.P. Morgan Saudi Arabia. "Whether Saudi clients are seeking to support their import or export activities or whether our global multi-national clients want to deliver their business in the Kingdom, J.P. Morgan can now support them fully with both commercial and government business."
J.P. Morgan has a long standing commitment to Saudi Arabia, where it has conducted business for over 75 years and provides Investment Banking and Treasury and Securities Services.
About J.P. Morgan Treasury Services
J.P. Morgan's Treasury Services business is a full-service provider of innovative cash management, trade, liquidity, commercial card and escrow services -- specifically developed to meet the challenges treasury professionals face today. More than 135,000 corporations, financial institutions, governments and municipalities in over 180 countries and territories entrust their business to J.P. Morgan. J.P. Morgan Treasury Services is one of the world's largest providers of treasury management services and a division of JPMorgan Chase Bank, N.A., member FDIC. More information can be found at www.jpmorgan.com/ts.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.2 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. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.