JPMorgan Launches Escrow Capabilities in South Korea
JPMorgan has continued its escrow service expansion in Asia-Pacific by launching capabilities in South Korea. The escrow services help clients mitigate risk associated with a range of critical business transactions such as mergers and acquisitions, initial public offerings (IPOs), import and export payments, collateral trusts for reinsurance, and construction project funding.
Acting as an independent third party, JPMorgan holds assets in escrow and disburses them when a performance or commitment is delivered upon. The service also includes document preparation, which can be customised to meet the specific needs of a transaction. JPMorgan already offers escrow services in Australia, Brazil, China, Hong Kong, India and Singapore, the UK and the US.
“JPMorgan’s escrow services have been very well received in the Asia-Pacific region. We remain focused on serving the evolving needs of our clients and helping them close their transactions quickly, accurately and securely through the use of Escrow accounts,” said Rocky Motwani, escrow and bankruptcy services global executive for JPMorgan Treasury Services.
In South Korea, JPMorgan Treasury Services recently launched its liquidity management services with multi-bank sweep capabilities, and also enhanced its domestic cash management capabilities with a new Korean language internet banking platform for fund transfers. The platform enables JPMorgan’s clients to maximise their working capital, increase their efficiency ratios, and mitigate counterparty risk.