New Bangladesh Representative Office Extends J.P. Morgan’s Asia Pacific Footprint
Hong Kong, - J.P. Morgan announced today that the firm is extending its Asia Pacific footprint, with a new flagship Bangladesh representative office to provide financial institution (“FI”) clients with enhanced banking services backed by the firm’s innovative suite of global solutions.
For J.P. Morgan, which first began servicing its FI clients in Bangladesh with a USD demand deposit account for Pubali Bank in 1973, the new operation represents a key step in building the firm’s presence in Bangladesh. Aimed at elevating its client offering, the enhanced presence will provide the firm’s FI clients with a more integrated approach to developing their operations. Experienced local executives backed by J.P. Morgan’s best-in-class global teams will provide greater access to the firm’s array of cash management, trade and liquidity products and services, with a focus on cross-border payments and trade finance.
The new operation will be headed by Sazzad Anam, Head of Financial Institutions, Bangladesh, J.P. Morgan Treasury Services. Anam, who has approximately 10 years’ industry experience, will be responsible for strategy, client delivery and sales within Bangladesh.
Simon Jones, Regional Executive, Asia Pacific, J.P. Morgan Treasury Services, said: “We are delighted to have deepened our presence in Bangladesh, a market which represents a truly important part of our Asia Pacific growth strategy. Our global platforms and regional presence, combined with our experienced local executive team, leave us well placed to better support our FI clients.”
Kalpana Morparia, J.P. Morgan’s Chief Executive Officer for South Asia and India, said the enhanced on-ground presence was a logical step in supporting local clients. “J.P. Morgan has been working with clients in Bangladesh for almost 40 years, and we look forward to supporting the country’s future economic development. Our in-country executives bring to the table significant experience within the Bangladesh market, and they possess a strong understanding of our clients’ requirements on a day-to-day basis.”
According to the World Bank Group’s recent “Doing Business Report”, Bangladesh was the most active reformer in South Asia in 2010, underlining the country’s significant development in recent years and its strong growth potential as it matures and further integrates into the regional and global economies. Bangladesh’s export receipts and import payments are approximately USD 14 billion and USD 23 billion respectively, and its GDP is USD 225 billion and growing at 6.0% per annum.
The new Bangladesh representative office is part of J.P. Morgan’s aggressive Asia Pacific growth strategy. The J.P. Morgan Treasury & Securities Services (“TSS”) business, which comprises the Treasury Services and Worldwide Securities Services franchises, provides solutions to corporate and institutional clients across the region. In line with its growth plans and to further develop its partnership with clients, J.P. Morgan TSS has hired 500 additional financial professionals across Asia Pacific year-to-date, expanding its local on-ground presence, enhancing its range of market leading products and elevating its client servicing capabilities.
About J.P. Morgan Treasury Services
J.P. Morgan’s Treasury Services business is a full-service provider of innovative cash management, trade, liquidity, commercial card and escrow services -- specifically developed to meet the challenges treasury professionals face today. More than 135,000 corporations, financial institutions, governments and municipalities in over 180 countries and territories entrust their business to J.P. Morgan. J.P. Morgan Treasury Services is one of the world’s largest providers 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 $2.0 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. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
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