Pakistan’s Bank Alfalah Extends Regional Cash Management Relationship With J.P. Morgan
HONG KONG, - J.P. Morgan today announced that it has been selected by Bank Alfalah Limited (“Bank Alfalah”), a leading financial institution in Pakistan with operations in several countries, to handle a range of treasury and cash management services.
Through its partnership with J.P. Morgan, one of the world’s largest U.S. Dollar clearing banks, Bank Alfalah will provide its clients with an enhanced customer experience supported by the smoother processing of transactions and a unified global network. Bank Alfalah, which previously worked with J.P. Morgan on executing select trade transactions, will adopt a range of services, including U.S. Dollar clearing, trade reimbursement, account services and overnight fund sweeping. J.P. Morgan’s integrated solution will support Bank Alfalah’s strategic growth plans, particularly as the company expands its international operations.
Syed Hassan, Head, Financial Institutions Division, Bank Alfalah, said: “We elected to partner with J.P. Morgan based on their strong and continued presence in Pakistan and the other markets in which we operate. J.P. Morgan has extensive cross-market capabilities, a wide range of integrated solutions and strategic insights into how we can further benefit our customers. They understood our needs from the outset, and importantly, the solutions we received have met our requirements.”
Amin Mohammed Khowaja, General Manager of J.P. Morgan Pakistan, said: “We’re delighted to further extend our relationship with Bank Alfalah. This ongoing relationship reflects our commitment to helping our partners in Pakistan further extend their services and enhance their business, and it shows we can consistently deliver the right solutions at the right time.”
Ricky Kaura, Regional Executive for ASEAN and Pakistan, J.P. Morgan Treasury Services, added: “We have continued to invest in our systems and platforms at a regional and global level, to ensure that the solutions we deliver are appropriate for each specific client in each specific market. Our strength lies in our ability to provide seamless cross-border services tailored to each individual client’s needs, backed by best-in-class client services.”
J.P. Morgan’s 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 aggressive regional 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 Bank Alfalah Limited
Bank Alfalah Limited (“Bank Alfalah”) is a leading financial institution in Pakistan. Through a wide branch network numbering 332 locations, which includes 63 Islamic Banking branches and 8 foreign branches in Bangladesh and Afghanistan, Bank Alfalah delivers services to its clients across the consumer, corporate, Islamic and SME sectors, among others. As at 30 June 2010, Bank Alfalah had approximately Rs 22 billion in assets. For more information, please visit www.bankalfalah.com.
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 $2.1 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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