07:42 AM EST, 11/14/2025 (MT Newswires) -- JPMorgan Chase ( JPM ) has expanded in Dubai in a bid to grow its business with medium-sized companies in the Middle East and beyond, Reuters reported Friday, citing an executive.

"There's a global focus on doing more in the midcap space," Stefan Povaly, the bank's London-based co-head of corporate banking for Europe, the Middle East and Africa, told the news agency.

As part of the move, JPMorgan ( JPM ) relocated Tushar Arora from London to Dubai to become the first member of a team that will focus on smaller venture capital-backed firms, Reuters reported.

"The Middle East is of course a priority ... This is the first step for an expansion into the midcap space," Povaly reportedly said.

JPMorgan ( JPM ) did not immediately respond to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)