Having partnered with Bank of New York twice in recent weeks, in both broker-dealer clearing and (only yesterday) global custody, ING today announced that it was also teaming up with JP Morgan to offer clients integrated pan-European and global treasury management solutions on a referral basis. Like the BNY custody deal, JP Morgan Treasury Services will now piggy-back on ING’s presence and contacts in Central and Eastern Europe.
The deal is aimed mainly at corporate treasurers operating east of the Elbe. “Multinational organisations are keen to leverage their existing treasury and financial services centres, taking speedy advantage of new business opportunities in new countries – but without creating more administrative overhead,” explains JP Morgan. “It is this need that the JPMorgan/ING partnership effectively addresses, by providing the expertise of ING across the CEE countries through the same global delivery channel that JPMorgan already provides its clients. The complementary strengths of the two organisations make an ideal match.”
JP Morgan says implementation of the joint service is already underway, led by a project management team staffed by both organisations. “Both banks recognise the need for seamless delivery, and are committed to achieving this by integrating staff as well as systems,” says the bank. The new service is expected to be in pilot operation by the end of this year, with eight CEE countries being implemented throughout 2003. The first live countries will be Poland, Hungary and the Czech Republic.