Hong Kong, December 14, 2009 - J.P. Morgan today announced that it has continued its Escrow service expansion in Asia Pacific by launching its capabilities in South Korea. J.P. Morgan's Escrow services help clients mitigate risk associated with a range of critical business transactions such as mergers and acquisitions, initial public offerings, import and export payments, collateral trusts for reinsurance, and construction project funding.
Acting as an independent third party, J.P. Morgan holds assets in escrow and disburses them when a performance or commitment is delivered upon. The service also includes document preparation, which can be customised to meet the specific needs of a transaction. J.P. Morgan already offers Escrow services in Australia, Brazil, China, Hong Kong, India and Singapore, the United Kingdom and the United States.
"J.P. Morgan's Escrow services have been very well received in the Asia Pacific region. We remain focused on serving the evolving needs of our clients and helping them close their transactions quickly, accurately and securely through the use of Escrow accounts," said Rocky Motwani, Escrow and Bankruptcy Services global executive for J.P. Morgan Treasury Services.
Linda McLaughlin-Moore, managing director, Asia Pacific product and delivery executive at J.P. Morgan Treasury Services added: "Being able to offer Escrow services to our clients in South Korea helps us strengthen our in-country treasury management offering. Our clients value the depth and breadth of our services and our ongoing investments in the region. We will continue to build on our integrated service model by investing in our business and by growing with our clients."
In South Korea, J.P. Morgan Treasury Services recently launched its liquidity management services with multi-bank sweep capabilities, and also enhanced its domestic cash management capabilities with a new Korean language internet banking platform for fund transfers. The platform enables J.P. Morgan's clients to maximise their working capital, increase their efficiency ratios, and mitigate counterparty risk.
About J.P. Morgan Treasury Services
The Treasury Services business of J.P. Morgan is a top-ranked, full-service provider of innovative payment, collection, liquidity 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 39 countries, J.P. Morgan Treasury Services is one of the world's largest provider 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 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. In Asia Pacific, J.P. Morgan operates through 26 offices in 15 countries and has developed its wholesale banking franchise during a history of almost 160 years in the region. More information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.