JPMorgan and ING to Join Forces
JPMorgan and ING have entered into an agreement to offer clients integrated pan-European and global treasury management solutions on a referral basis. The banks said the arrangement would combine the strength of ING’s presence in Central and Eastern Europe with the global reach of JPMorgan’s Treasury Services. ‘It will offer clients a unique opportunity to manage their financial transaction flows and take charge of their liquidity positions on a truly pan-European or even global scale,’ a statement said. The new partners said the new agreement addressed the need of multinational organisations to take advantage of business opportunities in new countries without creating additional administrative overhead. Implementation of the joint service is already underway, led by a project management team staffed by both organisations. The new service is expected to be in pilot operation by the end of this year, with eight CEE countries being implemented throughout 2003. The first live countries will be Poland, Hungary and the Czech Republic.