Bank expects good. JP Morgan Chase & Co. to achieve the unity of the activities of private banking in the Middle East is growing at double-digit year 2011, with the U.S. bank continue to strengthen its presence in the region to take advantage of the market for super-rich individuals.
After the unit revenue growth in the double digits last year, bank aims to class investors from oil-rich region designed to become more cautious and reluctant to risk since the financial crisis.
Said Paolo Moscovici Managing Director of the Bank's Private Banking activities in the region 'in the Middle East need to be patient and you need to persevere. You need to not step out of the path.
That is the difficult challenge that I face. I still need to achieve the numbers each year. The figures should be logical'.
The value of global assets under management of JPMorgan. JP Morgan's about $ 700 billion and serves some of the richest society.
This means that family businesses and individuals starting from the riches of $ 100 million to several billions of dollars.
But the area has seen heavy erosion of wealth in the midst of a crisis with falling oil prices fell sharply, while the family-owned businesses received some blows due to exposure to bad assets and debt accumulation.
Moscovici said that sail through the storm necessitated the request of investors to diversify their portfolios and find new investment opportunities.
He added, 'in the shares back to what we thought as centers of growth Stncl world out of recession.This focus on emerging markets and that worked in our favor, so good '.
But Moscovici says that working with clients in the region is very different from the service of wealth holders in New York or even Texas. While a traditional portfolio of U.S. investors by one to two percent in emerging markets, the Middle East investor invests 15 to 20 percent in those markets.
He adds, 'This is part of the world has always been much more comfortable in the emerging markets'.
Work activities and private banking industry in the Middle East a number of players, including names such as specialized Julius Baer and Credit Suisse are competing with international banks such as HSBC. S. My. U C. Me. S a share of oil wealth.
Despite the growth in the double digits Moscovici said that the region still lags behind the growth rates achieved in the fast-growing markets such as Asia, where private banks strengthen their operations to cope with the fast paced for the emergence of new millionaires.
And said, 'I do not want too much but it is difficult to achieve growth by 25 percent. If you can stay within the range of ten to twenty percent, it would be logical'.
The growing interest in global private banks in Asia where it is expected, according to Boston Consulting Group to grow wealth by about twice the global average and that, excluding Japan.
And employs good. JP Morgan about 50 people in the Middle East and intends to Moscovici employment 'selectivity' and the transfer of personnel and resources close to the area and prospecting for talent locally.
And said, 'If you know about HIV. S. My. U C. Me. S, the numbers in the hundreds .. In the case of AG. JP Morgan would remain selective'.
While the primary focus of the current activity and main source of growth in Saudi Arabia and Kuwait looks good. JP Morgan to strengthen its presence in places like Abu Dhabi, Dubai and Bahrain.
And won good. JP Morgan recently license to work in Doha, capital of Qatar to host the finals, which won the World Cup football 2022 and whose economy is growing dramatically.
Moscovici and said 'You can not ignore Qatar. It's a tough market penetration but you can not ignore '.
It is believed that Moscovici bank's presence in the Middle East since a long time and I heard the World Cisaaadah to win customers and compete with other global names active in the region.
And said, 'Our customers are paying attention rootedness name. They like Gucci, Prada and prefer to deal with names such as Goldman and JP Morgan. JP Morgan '.
Was good. JP Morgan announced on Friday the increase exceeded expectations of 47 percent in quarterly profit and issued an upbeat outlook, helping push shares of major U.S. banks.
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