JPMorgan expands in Dubai in global midcap push

By Tom Sims

FRANKFURT (Reuters) -The U.S. bank JPMorgan has expanded in Dubai as part of a broader push to grow and do more business with medium-sized companies in the Middle East and beyond, an executive told Reuters.

The move, which has not yet been reported, is a challenge to competitors such as Citigroup, and comes after JPMorgan recently devoted more resources to coverage of so-called midcaps in Austria and Poland. The bank is also now weighing increasing its presence in Turkey.

Midcaps give JPMorgan another revenue stream beyond its traditional focus on the biggest blue-chip firms.

“There’s a global focus on doing more in the midcap space,” Stefan Povaly, London-based co-head of corporate banking for Europe, the Middle East and Africa, said.

JPMorgan has relocated Tushar Arora,