Osaka, October 25, 2012 – J.P. Morgan Treasury Services has been selected to provide U.S. Dollar clearing and settlement services to four Taiwanese banks which have opened inaugural branches in China, underscoring the firm’s commitment to serving its financial institution clients as they expand their footprint globally.
J.P. Morgan will provide U.S. Dollar clearing and liquidity management services to the China operations of Bank of Taiwan, Chinatrust Commercial Bank Ltd., E.SUN Commercial Bank, Ltd. and Mega International Commercial Bank Co., Ltd. Key factors in awarding the four mandates include J.P. Morgan’s leading position as the world’s No.1 U.S. Dollar clearing bank, extensive product suite and solution flexibility, high book transfer ratios, leading client service capabilities and local market expertise.
David Koh, Head of Treasury Services, Greater China, J.P. Morgan, said: “As part of China’s dynamic growth story, Taiwanese banks and companies are seeking to expand their footprint and capabilities in this exciting market. We’re delighted to partner with these four important clients, and we look forward to further deepening our relationship as we support their onshore growth in China.”
Kiat Seng Lim, Head of Financial Institution Sales for Asia Pacific, J.P. Morgan Treasury Services, said: “As financial institutions (FI’s) across the region tap new markets to extend their clients’ capabilities and reach, J.P. Morgan is delighted to play an important role in powering that growth and ensuring a seamless, end-to-end service for our FI clients.”
These new partnerships further build on J.P. Morgan’s strong cash management, liquidity and trade finance presence in Taiwan. Last year, the firm was selected to provide U.S. Dollar clearing and settlement services to a further five Taiwanese banks which were extending their presence in China.
J.P. Morgan Treasury Services is a business that resides within J.P. Morgan’s Corporate & Investment Bank (CIB).
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.