Partnership significantly enhances DBS’ treasury services footprint in Asia
Osaka, October 25, 2012 – J.P. Morgan announced today that it has been selected by Singapore’s DBS Bank to provide a full range of cash management services across several key growth markets in Asia.
This partnership significantly expands DBS’ transaction banking footprint in Asia by utilizing J.P. Morgan’s leading cash management platform across 6 markets. DBS, one of Asia’s fastest growing regional banks, will be able to broaden the range of cash management services it provides to its corporate clients in Australia, Japan, Korea, Malaysia, the Philippines and Thailand. This includes flexible solutions for payments, receipts, foreign exchange and money market settlement, liquidity management and real-time reporting services tailored for DBS corporate clients.
DBS and J.P. Morgan have had a history of collaboration, both in the United States and Asia, through which both have established mutual respect for each other’s organization and quality of services offered. Headquartered and listed in Singapore, DBS is a leading financial services group in Asia with over 200 branches across 15 markets in Southeast Asia, Greater China and South Asia. DBS was voted Global Finance magazine’s ‘Safest Bank in Asia’ from 2009 to 2012.
Tom McCabe, Group Head of Global Transaction Services, DBS, said: “This landmark agreement cements our partnership and creates new opportunities for both banks to better serve and meet our customers’ growing business ambitions in Asia. A win-win situation, DBS can now offer our corporate customers a full range of treasury services capabilities across 12 countries in Asia, while J.P. Morgan has an anchor partner to expand their world-class services to institutional clients.”
Tom DuCharme, Chief Executive Officer, Asia Pacific, J.P. Morgan Treasury & Securities Services, said: “This agreement further builds on our partnership with DBS and reflects our commitment to support our partners’ growth ambitions in the region. The Asia Pacific region is a key strategic market for J.P. Morgan and we will continue to invest in innovative solutions to help financial institutions and corporations in the region move, concentrate, invest and manage their cash around the world.”
J.P. Morgan Treasury Services is a business that resides within J.P. Morgan’s Corporate & Investment Bank (CIB).
DBS - Living, Breathing Asia
DBS is a leading financial services group in Asia, with over 200 branches across 15 markets. Headquartered and listed in Singapore, DBS is a market leader in Singapore with over four million customers and also has a growing presence in the three key Asian axes of growth, namely, Greater China, Southeast Asia and South Asia. The bank's strong capital position, as well as "AA-" and "Aa1" credit ratings that are among the highest in the Asia-Pacific region, earned it Global Finance's "Safest Bank in Asia" accolade for four consecutive years, from 2009 to 2012.
DBS provides the full range of services in consumer, SME and corporate banking activities across Asia and the Middle East. As a bank born and bred in Asia, DBS also understands the intricacies of doing business in the region’s most dynamic markets. This market insight and regional connectivity have helped to drive the bank’s growth as it sets out to be the Asian bank of choice. The bank believes that building lasting relationships with its customers is an integral part of banking the Asian way.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 18,000 staff, representing over 30 nationalities. For more information, please visit www.dbs.com.
About J.P. Morgan Treasury Services
J.P. Morgan’s Treasury Services business is a full-service provider of innovative cash management, trade, liquidity and escrow services -- specifically developed to meet the challenges treasury professionals face today. More than 135,000 corporations, financial institutions, governments and municipalities in over 180 countries and territories entrust their business to J.P. Morgan. J.P. Morgan Treasury Services is one of the world's largest providers of treasury management services and a division of JPMorgan Chase Bank, N.A., member FDIC. More information can be found at www.jpmorgan.com/ts.
About J.P. Morgan’s Corporate & Investment Bank
J.P. Morgan’s Corporate & Investment Bank is a global leader across banking, markets and investor services. The world’s most important corporations, governments and institutions entrust us with their business in more than 100 countries. With $18.2 trillion of assets under custody and $393 billion in deposits, the Corporate & Investment Bank provides strategic advice, raises capital, manages risk and extends liquidity in markets around the world. Further information about J.P. Morgan is available at www.jpmorgan.com.