JPMorgan Chase & Co. plans to set up a private banking team in Dubai, joining a group of rivals that are boosting their presence in the Middle East to tap the influx of wealthy people to the region, Bloomberg reported.
JPMorgan Chase has transferred two bankers from Geneva and London to establish the new team, which it plans to grow over the coming years, according to a statement.
The bankers, Sebastien Botana de Povo and Carol Mosherki, are expected to attract business from wealthy individuals, family offices, charities and foundations across the region.
The UAE is expected to see the largest influx of wealthy individuals of any destination this year, thanks to its lack of income tax and luxurious lifestyle, according to Henley & Partners.
About 6,700 ultra-wealthy individuals are expected to move to the UAE, nearly double the number expected to move to the United States.
In response, leading global wealth managers, from UBS Group to Deutsche Bank, have identified the Middle East as a key growth opportunity.
Morgan's international private bank is larger than any of its U.S. rivals, and the Wall Street giant has been expanding its offering in recent years, according to a presentation to investors in May.
