JP Morgan says Rabobank has appointed it as global clearing services provider for US dollar cash and securities transactions. Rabobank says that concentrating its US dollar requirements with JP Morgan will provide it with a single operational platform, which will enhance its liquidity management and facilitate growth in transaction volumes.
In addition to providing clearing and custody services for Rabobank’s US dollar securities portfolios, JP Morgan will process all US dollar treasury and Continuous Linked Settlement (CLS) payments and a large proportion of commercial payments for the bank. JPMorgan will serve 14 Rabobank locations across Europe, Asia and North America.
“JP Morgan demonstrated a thorough understanding of our business needs and shows strong capabilities in global clearing and securities services,” says William Padula, senior vice president and chief operating officer for Rabobank International in the Americas. “We are looking forward to working with JP Morgan as we expand our U.S. dollar business.”
Lori Hricik, executive vice president and head of JPMorgan Treasury Services, says the deal reflects “the strength of our combined cash management and custody services and we are honoured to be given this opportunity by Rabobank.”
Michael Clark, executive vice president and head of JPMorgan Worldwide Securities Services, says a lot of banks are looking to consolidate their treasury cash and securities business with a single bank.