Service Excellence, Enduring Relationships and Innovation - Valuable Assets to The Bank of East Asia

Overview
It began with the opening of a U.S. dollar clearing account more than half a century ago. And since then, excellent service and innovative responsiveness have cultivated a relationship between two global banks - spanning Singapore, Hong Kong, the People's Republic of China, the United Kingdom, Malaysia, Taiwan and North America.

Since its incorporation in 1918, The Bank of East Asia has been dedicated to serving corporate customers and consumers in China and beyond, and today is the largest independent local bank in Hong Kong. It's no wonder, then, why a bank whose mission statement includes the overarching principles of "demanding the highest standard of professionalism and integrity of ourselves" and "commitment to quality service and satisfying our customers" looks for those same qualities in its service providers. And these principles are the reason The Bank of East Asia has looked to J.P. Morgan for U.S. dollar clearing, vendor financing, collateralized debt obligations, investments and other products and services over the years.

Challenges
The strength of relationships is key to remaining competitive in the financial services arena; and The Bank of East Asia is no stranger to the importance of excellent client service for retaining and gaining customers. Likewise, The Bank of East Asia expects flawless execution from the service provider relationships they cultivate. Financial services providers' challenges are many - how to operate seamlessly and continue with uninterrupted service in the aftermath of terrorist attacks and natural disasters; how to attract existing and new clients with unique trade solutions such as vendor financing, forfaiting and collateralized debt obligations; and how to ensure they have the right team offering timely advice on the best banking solutions to help them achieve their own financial goals.

Solutions
Since the opening of that first clearing account in 1950, we have worked with The Bank of East Asia to design and implement several key programs that have streamlined their product offerings and helped them help their clients compete more effectively. In addition to maintaining U.S. dollar clearing accounts in Hong Kong and various countries, we help The Bank of East Asia issue collateralized debt obligations, and recently launched a trade vendor financing program.

We have found that vital to the challenges and subsequent solutions is a relationship backed by an energetic approach to fully understanding our client's business needs, and then creating adaptable, innovative solutions that improve the client's market competitiveness.

Advocacy and Innovation Lead to New Ideas
Advising our clients of opportunities to improve their business relationships and helping them in their quest to be more efficient and effective are key components to our client relationships. The Bank of East Asia continually looks to us for new opportunities for cooperation and business efficiencies and is one of the first banks in the region that we've approached with new ideas. Most recently, we approached The Bank of East Asia with an innovative idea for improving the bank's vendor financing program.

We implemented a program that allows The Bank of East Asia to discount or purchase accounts payable from local vendors producing goods for big-box retailers. The Bank of East Asia found this program ideal for transitioning local vendors away from letter of credit transactions and toward open account terms, because it provided them with extended payment terms and enhanced cash flow. Ultimately, the program has created a win-win scenario for The Bank of East Asia's client relationships - the bank can offer better pricing and terms to new and existing local vendors, and vendors have the assurance that their preshipment financing will be taken care of by a local bank in Hong Kong.