Bangkok--1 Sep--CIMB Thai Bank
David Wee (2nd from left) Senior Executive Vice President, Head of Group Information and Operations Division (GIOD) CIMB Thai Bank , Sutee Losoponkul (far left) Executive Vice President, Head of Treasury Group CIMB Thai Bank together with Abdul Raof Latiff (2nd from right) Head of Treasury Services, ASEAN, J.P. Morgan and Kalaya Chaiyawan (far right) Head of Financial Institutions-Thailand, Treasury Services, J.P. Morgan Chase Bank have signed Continuous Link Settlement Service Agreement. This service will enable CIMB Thai Bank, J.P. Morgan’s first CLS client in Thailand, to significantly reduce its foreign exchange risk and achieve efficient payment versus payment settlement.
CIMB Thai Bank Public Co, Ltd. announced today that it has appointed J. P. Morgan as Continuous Linked Settlement (CLS) Third Party Provider.
This service will enable CIMB Thai Bank, J.P. Morgan’s first CLS client in Thailand, to significantly reduce its foreign exchange risk and achieve efficient payment versus payment settlement. It will also increase trade capacity and improve operational efficiencies through a scalable solution that simplifies trade matching and reconciliation processes.
CIMB Thai Bank’s appointment of J.P. Morgan, a CLS third party provider, strengthens an existing relationship established between the two banks last year, which saw J.P. Morgan appointed to provide clearing facilities for CIMB’s Malaysia, Indonesia and Singapore operations. A growing regional bank, CIMB is one of Malaysia’s largest financial services companies, with more than 38,000 employees across 14 markets.
David Wee, Senior Executive Vice President and Head of Group Information and Operations Division (GIOD) of CIMB Thai Bank, said: “With J.P. Morgan’s CLS service, we have been able to significantly reduce our settlement risk and enhance the services we offer to our clients, while at the same time reducing our costs by minimizing the number of failed settlements and other post-settlement complications. Over the last year, we have been impressed with J.P. Morgan’s commitment to us as a client, so it gives us great pleasure to extend this relationship.”
Abdul Raof Latiff, Head of Treasury Services, ASEAN, J.P. Morgan, said: “This broader relationship with CIMB is testament to our success in delivering to our clients’ solutions which build their business, reduce their cost and mitigate their risk. As and exciting and rapidly emerging market, Thailand clearly represents an important element of J.P. Morgan’s international growth strategy across the region.”
About CIMB Thai Bank
CIMB Thai Bank is a commercial bank registered in Thailand with 155 branches nationwide. It provides a wide variety of financial products and services to corporate, SME and retail customers. It also offers stock broking service and financial advisory service to corporations, as well as mutual fund, asset management, insurance and other products and services via its existing branch network. Additional information can be found at www.cimbthai.com.
CIMB Thai Bank is a member of CIMB Group. Headquartered in Kuala Lumpur, CIMB Group Holdings Berhad is the listed holding company for Malaysia's second largest financial services provider. As at 31 March 2011, CIMB Group was the second largest company on Bursa Malaysia with a market capitalisation of RM60.9 billion. CIMB Group's main markets are Malaysia, Indonesia, Singapore, Thailand and Cambodia. With over 38,000 employees in 14 countries, CIMB Group offers a full range of financial products and services covering consumer banking, corporate and investment banking, Islamic banking, asset management, wealth management, insurance and Takaful, and private banking through their retail network of over 1,100 branches in ASEAN. For more information, visit www.cimb.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 $2.2 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.