KARACHI, Feb 26: JP Morgan - which is the only foreign firm with a corporate seat at the Karachi Stock Exchange - announced on Monday that it had expanded presence in Pakistan with the launch of an onshore cash equity broking operation.

This move was made in order to strengthen the firm’s and its clients’ participation in “one of Asia’s fastest growing economies,” the company said in a statement.

Reza Rahim, JP Morgan’s Senior Country Officer in Pakistan, said that the firm would contribute in energising and further developing the domestic equity capital markets. The firm stated that it had also launched macroeconomic and equity research coverage earlier this year, and was the only foreign investment bank to have a research coverage team based in Pakistan.

JP Morgan recalled that its presence in Pakistan dates back to 1994, which now includes investment banking, treasury services, cash equity broking, equity and economic research coverage and sales.