Santander Central Hispano confirmed today that JP Morgan Investor Services and JP Morgan Institutional Trust Services have chosen the bank as sub-custodian in Spain. Until now, this contract – which entails servicing assets worth over Euros 20 billion – was carried out by the Madrid branch of JP Morgan Chase Bank.
The American bank has since the mid-1990s pursued a policy of shifting business from its own branches to leading providers in local markets. Santander Central Hispano now services assets worth over Euros 200 billion on behalf of global custodian banks. The bank is currently engaged in a major investment programme to upgrade its securities processing technology.