JPMorgan has expanded in Dubai as part of a broader push to grow and do more business with medium-sized companies in the Middle East and beyond, an executive told Reuters.
The move, which has not yet been reported, is a challenge to competitors such as Citigroup, and comes after JPMorgan recently devoted more resources to coverage of so-called midcaps in Austria and Poland. The bank is also now weighing increasing its presence in Turkey.
Midcaps give JPMorgan another revenue stream beyond its traditional focus on the biggest blue-chip firms.
"There's a global focus on doing more in the midcap space," Stefan Povaly, London-based co-head of corporate banking for Europe, the Middle East and Africa, said.
JPMorgan relocated Tushar Arora in August, a banker who has been with the JPMorgan for more than a decade, from London to take up the role of Head of MENA Innovation Economy in Dubai as the first in a team to focus on smaller venture capital-backed companies.
"The Middle East is of course a priority ... This is the first step for an expansion into the midcap space," Povaly said.
Elsewhere, JPMorgan is in the early stages of evaluating a move to increase covering midcaps in Turkey.
"Over time, we could look to hire bankers dedicated to midcap clients in the country," Povaly said.
The activity follows a push to Poland with the hire of Marcin Pietrucha from Santander, who has built a team based in Warsaw and other hubs.
In parallel, JPMorgan is seeking more midcap business in Austria, headed by banker Philippe Bull based in Frankfurt.
JPMorgan has a large presence in Germany, in part for coverage of the country's medium-sized Mittelstand firms.
JPMorgan has been on an expansion course in Europe. The bank this week officially opened an office in Berlin with space for 400 staff ahead of its launch of a digital retail bank.
