Friday, January 14, 2011
The Qatar Financial Centre (QFC) Regulatory Authority authorized on January 5 US investment bank J P Morgan Chase & Co to undertake regulated activities in the Gulf Arab State, as the country looks to attract some of the world’s biggest financial names.
The Government of Qatar established the QFC, located in Doha, as a financial and business centre in May 2005. It was designed to attract international financial services institutions and major multi-national corporations and encourage participation in the growing market for financial services in Qatar and elsewhere in the region. The QFC operates to international standards and provides a legal and business infrastructure for those doing business within the QFC.
J P Morgan’s branch in the QFC is a PIIB Prudential Category 4 firm and is authorized to arrange credit facilities, deals in investments, provide custody services and advise on investments.
The Regulatory Authority’s Deputy CEO, Michael Ryan, welcomed the bank’s establishment in the QFC saying: “We are pleased that J P Morgan is bringing its significant market and product expertise to the Qatar market and we are confident that it will play a significant role in this important market and the region.”
J P Morgan’s authorization brings the total number of firms licensed at the QFC to 128, other investment banks including Goldman Sachs, RBS and Credit Suisse.