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JP Morgan forecasts growth in Mideast private banking

JP Morgan Chase has said its private banking business in the Middle East is expected to post double-digit growth in 2011, as it further expands its footprint in the region, Reuters has reported. However, the region would still lag growth rates seen in other fast-growing markets, Paolo Moscovici, managing director of the bank's private banking business in the Middle East, said. "I don't want to exaggerate, it's hard to grow 25%. If I could stay in the 10%-20% range, that's where it makes sense," he said. While the current core businesses and main source of growth is in Saudi Arabia and Kuwait, JP Morgan is looking to expand its presence in places such as Abu Dhabi, Dubai and Bahrain.