Daily News: February 20, 2014

Bloomberg: JPMorgan Said to Cut Saudi Bank Lender Ties

Bloomberg reported JPMorgan Chase dropped Al-Rajhi Bank, the world’s largest Shariah-compliant lender, as a correspondent banking client amid a push to improve risk controls, according to two Bloomberg sources.

According to Bloomberg , the relationship ended Dec. 31 because JPMorgan couldn’t get enough information on where payments in dollar-clearing services for Al-Rajhi had originated, one of the Bloomberg sources said.

To read the entire Bloomberg article, click here.