JPMorgan wins new OCBC trade mandate

JPMorgan Treasury Services has announced that it has been selected by OCBC Bank as its trade processing partner. In what is a new mandate, the collaboration covers processing, on a white-labelled basis, of OCBC's import and export transactions (both letters of credit and collections) on behalf of its overseas branches in eight locations.

JPMorgan says that its suite of trade finance solutions enables financial institutions to significantly reduce overheads, while meeting all aspects of their customers' trade finance needs and maintaining a presence in the ever-competitive global trade business.

ôWe are pleased to be able to broaden the scope of our relationship with JPMorgan with this collaboration in trade services,ö says Linus Goh, head of international division, OCBC Bank.

"Working with OCBC in this capacity is a great opportunity for JPMorgan to help a very key client achieve both efficiencies and a robust trade solution for their business. Our objective is to deliver OCBC the in-depth expertise, broad geographic coverage and superior technology capabilities of our trade finance franchise," said Lori Hricik, chief executive officer of JPMorgan Treasury Services.