Saudi Arabian Monetary Agency acquires JPMorgan's stake in Gulf International Bank

Notes and media contacts

The Saudi Arabian Monetary Agency (SAMA), the central bank of the Kingdom of Saudi Arabia, was established in 1952. It issues national currency, the Saudi Riyal; acts as a banker to the government; supervises commercial banks; manages the Kingdom's foreign exchange reserves; conducts monetary policy for maintaining price and exchange rate stability and promotes the growth and ensures the soundness of the financial system.

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.2 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers and businesses, financial transaction processing, asset and wealth management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. has its corporate headquarters in New York and its U.S. consumer and commercial banking headquarters in Chicago. Under the JPMorgan, Chase and Bank One brands, the firm serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients.

Gulf International Bank (GIB) is a leading merchant bank in the Middle East with its principal focus on the Gulf Cooperation Council (GCC) states. It is the largest regional bank in the GCC, with more than $20 billion of its won assets and in excess of $15 billion of clients' assets under management. With a proven track record since its founding in 1976, GIB provides client-led, innovative financial products and services to a wide customer base in the region.