OCBC Bank Awards Trade Processing Business To JPMorgan
Hong Kong, 21 August 2007 JPMorgan Treasury Services announced that it has been selected by OCBC Bank as its trade processing partner. The collaboration covers processing, on a white-labelled basis, of OCBC's import and export transactions (both Letters of Credit and Collections) on behalf of its overseas branches in eight locations.
Through JPMorgan's suite of trade finance solutions, financial institutions can significantly reduce overheads, while meeting all aspects of their customers' trade finance needs and maintaining a presence in the ever-competitive global trade business. By partnering with JPMorgan, financial institutions utilise JPMorgan's economies of scale, global reach, Global Trade System technology, and expertise.
"We are pleased to be able to broaden the scope of our relationship with JPMorgan with this collaboration in trade services," said Linus Goh, Head of International Division, OCBC Bank
"Working with OCBC in this capacity is a great opportunity for JPMorgan to help a very key client achieve both efficiencies and a robust Trade solution for their business. Our objective is to deliver OCBC the in-depth expertise, broad geographic coverage and superior technology capabilities of our trade finance franchise," said Lori Hricik, Chief Executive Officer, JPMorgan Treasury Services.
About JPMorgan - Treasury Services
The Treasury Services business of JPMorgan is a top-ranked, full-service provider of innovative payment, collection, liquidity and investment management, trade finance, commercial card and information solutions to corporations, financial services institutions, middle market companies, small businesses, governments and municipalities worldwide. With more than 50,000 clients and a presence in 36 countries, JPMorgan Chase Treasury Services is the world's largest providers of treasury management services. More information can be found at www.jpmorganchase.com/ts.
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.5 trillion and operations in more than 50 countries. JPMorgan Chase serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. Information about the firm is available at www.jpmorganchase.com.