FRANKFURT: JPMorgan has expanded its operations in Dubai as part of a broader effort to deepen its business with medium-sized companies across the Middle East and other regions, an executive told Reuters.
The move—previously undisclosed—positions the bank to compete more directly with rivals such as Citigroup. It follows recent steps by JPMorgan to strengthen its midcap coverage in Austria and Poland, and the bank is also considering a similar push in Turkey.
Targeting mid-sized companies offers JPMorgan a revenue stream beyond its traditional focus on major blue-chip corporations.
“There’s a global push to grow in the midcap segment,” said Stefan Povaly, London-based co-head of corporate banking for Europe, the Middle East and Africa.
As part of the expansion, JPMorgan relocated Tushar Arora—who has spent more than a decade with the bank—from London to Dubai to serve as the first member of a team focused on smaller, venture-backed companies.
“The Middle East is a clear priority … This is the initial step toward expanding into the midcap space,” Povaly added.
Global financial institutions have been increasing their presence in the UAE, drawn by the region’s oil wealth and expanding markets.
Citigroup, which established its UAE presence in 1964 and launched commercial banking operations there in 2007, sees the country as one of its biggest growth opportunities. Citi executive Alex Stiris said the bank benefits from a long-standing “natural advantage” in the market.
“We’re seeing more competitors entering the UAE,” Stiris said. “More competition means we need to stay sharp. It’s somewhat concerning—we can’t afford to be complacent.”
Meanwhile, JPMorgan is in the early stages of assessing whether to boost midcap coverage in Turkey, potentially hiring dedicated bankers in the future.
This effort comes alongside recent expansion in Poland, where the bank hired Marcin Pietrucha from Santander to build a midcap-focused team across Warsaw and other hubs. JPMorgan is also ramping up activity in Austria under banker Philippe Bull, who is based in Frankfurt.
Germany remains a key market for JPMorgan due to its significant Mittelstand sector. The bank has been steadily growing across Europe and this week officially opened a new Berlin office with capacity for 400 employees ahead of launching a digital retail bank.
However, its scale has also brought regulatory scrutiny—German authorities recently issued JPMorgan the largest fine in their history over shortcomings in anti–money laundering controls.
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