JP Morgan Chase sells stake in Gulf Int'l Bank ( Reuters)

J.P. Morgan Chase said on Monday it sold its 5.3 percent stake in Gulf International Bank to the Saudi Arabian Monetary Agency (SAMA).
"As one of three global banks recently granted a license to open a Saudi Arabian branch, we decided to sell our stake in Gulf International Bank to eliminate the potential for any conflicts of interest between our business and that of GIB," J.P. Morgan said in a statement