JPMorgan and ING announce treasury venture
EUROPE- JPMorgan Treasury Services and ING are joining forces to offer clients integrated pan-European and global treasury management solutions. The partnership should allow the two organisations to be able to leverage their existing treasury and financial services without creating more administrative overheads.
Steve Donovan, EMEA corporate sales business executive on the ING partnership, believes ING’s strengths within Central and Eastern Europe, combined with JPMorgan’s global presence will result in a rounded service.
A project management team staffed by both organisations has been established, and the new service is expected to be in pilot operation by the end of this year. The first live countries will be Poland, Hungary, and the Czech Republic. A further five Central and Eastern European countries will receive the product throughout 2003.
ING recently announced a similar venture with the Bank of New York, which have formed a European commercial alliance focusing on sales, marketing and servicing of global custody and related services. The alliance was said to benefit from BONY’s global expertise and ING’s local expertise. The two entities will jointly offer services to institutional clients in Germany, the Benelux and Central and Eastern Europe.