J.P. Morgan targets 65% increase in headcount by end of 2014
KUALA LUMPUR, July 10, 2012 – J.P. Morgan Treasury Services has announced plans to substantially grow its Malaysian transaction banking business by 2014 to support the increasingly international focus of its onshore and offshore corporate and financial institution (FI) clients.
J.P. Morgan Treasury Services, which offers a comprehensive suite of cash management, trade finance, liquidity and escrow services to Malaysian companies and FIs expanding offshore and to regional and global clients seeking to grow their footprint onshore, plans to boost its domestic headcount by 65% by the end of 2014, with a parallel, multi-million dollar investment to support the firm's solution innovation agenda over the next 3 years. This expansion will run in parallel to the firm's growing Global Corporate Bank (GCB) presence in Malaysia.
Global and regional foreign direct investment into Malaysia continues to increase, with international enterprises leveraging the country's growing prominence as an efficient and effective hub for their regional treasury center and shared service center operations. Malaysia, where a Malaysian Investment Development Authority (MIDA) approved Treasury Management Centre (TMC) offers up to a 70% tax exemption on statutory income arising from certain treasury activities, along with no withholding taxes on interest payments on borrowings by treasury centers from overseas banks and related companies provided the funds raised are used to conduct eligible treasury activities, is now home to many multinational companies' shared service centers.
Hooi Ching Wong, Head of Treasury Services, Malaysia, J.P. Morgan, said: "Over the last 18 months we have seen a strong increase in the number of global and regional companies exploring centralized treasury and shared service center models in Malaysia. With an excellent, low cost infrastructure, local expertise in application developments, maintenance and data processing and a professional, multilingual workforce, Malaysia has emerged as a regional hub for companies seeking to grow their business in Asia Pacific through improvements in efficiencies, costs and risk management."”
Abdul Raof Latiff, Head of Treasury Services, ASEAN, J.P. Morgan, said: "While the broader ASEAN markets continue to grow strongly, it is Malaysia that is really setting the pace. With an efficient and attractive business environment and an experienced pool of treasury management professionals to draw from, companies around the world are now turning to Malaysia as an international hub in their global expansion plans."”
Globally, J.P. Morgan Treasury Services partners closely with the firm's GCB. The GCB, which leverages the bank's global solutions across the Treasury & Securities Services (TSS), the Investment Bank and Asset Management businesses, serves large corporations, financial institutions and public sector organizations. Focusing on 3,500 clients globally, the GCB comprises more than 260 bankers based in over 60 markets around the world.
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 JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.3 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.