File - JPMorgan is among a group of banks that have joined to build local teams in anticipation of the opening.
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HSBC Holdings PLC and JPMorgan Chase & Co. are among the banks set to profit after the Riyadh-based Capital Market Authority announced plans this week to open Saudi Arabia's bourse to foreign investors.Morgan Stanley, Standard Chartered PLC, Bank of America Corp. and Credit Suisse Group AG have joined HSBC and JPMorgan in building local teams, partly in anticipation that the world's biggest oil exporter and de facto leader of OPEC would lift barriers to one of the most-restricted major stock exchanges.Saudi Arabia's 12 local banks are also expected to benefit from the market opening. Three of them have joint ventures with global investment banks, including Royal Bank of Scotland Group PLC and Credit Agricole SA.Credit Agricole holds a 31 percent stake of Banque Saudi Fransi, according to data compiled by Bloomberg.Morgan Stanley and Credit Suisse shifted their regional trading businesses to Saudi Arabia about 18 months ago, while Standard Chartered, which gets more than three-quarters of its earnings from emerging markets, opened an office in the country in 2011 .Citigroup and JPMorgan declined to comment for this story.
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