JP Morgan Chase has received permission from the financial regulator of Qatar to open a new branch in the Gulf Arab state, The Wall Street Journal reports. The U.S. bank will start operations in the Qatar Financial Centre (QFC).

The Qatar Financial Centre Regulatory Authority has licensed JP Morgan to arrange credit facilities, deals in investments, provide custody services and advise on investments. Other investment banks with offices in the QFC include Goldman Sachs, Royal Bank of Scotland and Credit Suisse.

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