J.P. Morgan has announced that it has expanded its presence in Pakistan with the launch of an onshore cash equity brokering operation. This move strengthened the firm and its clients' participation in one of Asia's fastest growing economies, a press release issued here on Monday said.
Reza Rahim, J.P. Morgan's Senior Country Officer in Pakistan, said the cash equity brokering operation is a significant development for the Pakistan business of J.P. Morgan, which is the only foreign firm with a corporate seat at the Karachi Stock Exchange (KSE).
"With our increased presence, we will continue to contribute in energising and further developing the domestic equity capital markets. Together with the investment banking business, we will be able to provide one stop solutions to our clients offshore and domestically," said Rahim.
As another significant part of expansion in Pakistan, the firm launched macro economic and equity research coverage earlier this year, and is the only foreign investment bank to have a research coverage team based in Pakistan. The firm also has an onshore sales team, which actively solicits new trades from foreign institutional clients, increasing the contribution of foreign portfolio investment in the country's capital markets. In addition to this, J.P. Morgan's derivative business, Pakistan Access Products, also commenced operation this month. This provides global financial institutions and hedge funds with economic exposure to equity movements through a range of derivative products.
J.P. Morgan's presence in Pakistan, which dates back to 1994, now includes investment banking, treasury services, cash equity brokering, equity and economic research coverage and sales. It was the first foreign firm to obtain a corporate seat at the Karachi Stock Exchange in 1996.
"We believe that in-depth country knowledge and expertise are the foundation to a successful franchise," said Rahim. With the opening of the new business, J.P. Morgan has tripled the number of employees in Pakistan.-PR
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