JP Morgan has launched treasury, money market and FX operations in the Saudi Arabia, as part of expansion efforts in the country.

The launch of services will enable the JP Morgan to become a local market counterparty and support clients with local booking and processing from operations in Riyadh.

JP Morgan Saudi Arabia head of Treasury Reema Al-Asmari said the bank will look forward to providing the best possible service to clients by being closer to them and the markets that concern them the most.

JP Morgan senior country officer for Saudi Arabia Abdulaziz Al Helaissi said Saudi Arabia is an important growth market where JP Morgan’s strength as a global bank and US dollar clearing agent enables it to add value at an important time for the Kingdom.

"Further, this expands our international banking capabilities to address the increasingly global nature of our clients and the need to service those clients’ cross-border needs," Al Helaissi said.