ISLAMABAD, Oct 16: JP Morgan is planning to re-open its equity business in Pakistan, the first foreign brokerage to return since they abandoned the South Asian nation in the early 2000s, sources familiar with the development said.

The No 3 US bank shut its Pakistan equity broking arm five years ago as part of a consolidation plan.

“JP Morgan will be opening an equity platform in Pakistan along with equity and economic research,” said a market source with knowledge of the development.

“A decision in this regard has been taken, and the bank will start operations hopefully in January,” said the source, who declined to be identified.

JP Morgan closed its equity broking business in Pakistan in 2001, saying at the time it did “not have sufficient scale in equity broking to maintain a sound business franchise”.

— Reuters