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PrintOct 21, 2009
Press Release
New York, October 21, 2009 – J.P. Morgan's Treasury Services business, a full-service provider of cash management, trade finance and treasury solutions, today announced it has made its treasury management solutions available locally to clients in, or doing business in, the Brazilian marketplace. This expansion of services is evidence of J.P. Morgan's continuing commitment to the Latin-America region and its focused international expansion efforts aimed at increasing the bank's footprint globally. J.P. Morgan has plans to further expand its services across the Latin-America region.
J.P. Morgan's international development is driven by the bank's continuing dialogue with clients around the world who have expressed a desire for more global cash management capability. By listening to clients, J.P. Morgan is better able to address their specific business needs and support their growth in global markets.
"We are pleased to introduce our treasury management solutions locally to Brazil because it allows us to better support our clients in the rapidly growing Latin-America region," stated Mike McKenzie, managing director and Latin America regional executive, J.P. Morgan Treasury Services. "As a result of this expansion of service, J.P. Morgan will be able to meet the cash management needs of companies in Brazil, as well as multi-nationals wanting to do business in the region, by providing local capabilities and regional expertise."
"As the tenth largest economy in the world, Brazil offers an attractive financial market with tremendous growth potential, which is why J.P. Morgan has made such a significant commitment to this growing region," explained Leonardo Lima, managing director and Latin-America product executive, J.P. Morgan Treasury Services. "We have put together a dedicated team including local sales and customer service staff that fully understands the nuances of Brazil's unique cash management environment, allowing us to offer a best-in-class client experience."
Key to the treasury services expansion in Brazil, J.P. Morgan offers fully bilingual sales, implementation, product and customer service staffs. The bank has also introduced its Web-based cash management tool, J.P. Morgan Brasil Online. This online banking portal offers security, along with fast, reliable access to data and transaction information that can be integrated directly into clients' ERP systems. The portal is presented in Portuguese and is customized to provide payment initiation, authorization, reporting and file management that meets Brazilian market practices and regulatory requirements.
J.P. Morgan Brazil* also offers the following capabilities:
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DDA in Reais - provides local businesses with comprehensive functionality to transact domestic payments and credits, including DDA balances reflecting transaction settlement schedules, debit consolidation and zero balance management and electronic statements in the Febraban CNAB standard
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Foreign Exchange (FX) Services - provides FX and cash management structures that enable FX spot transactions, multi-currency FX in US Dollars, Euros, Pounds and Yen, settlements in either same day or up to two days after FX closing
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Trade Finance Services - offers supply chain solutions and logistics services for importers and exporters including import and export financing, local guarantees and logistics support
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Escrow Services - provides escrow services to support a wide variety of activities and transactions, acts as a neutral third party to hold and safeguard assets on behalf of contracting parties and invests assets in accordance with instructions
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Depositary Receipts (ADR Services) - allows clients to attract investments around the globe, take advantage of a single depositary bank with a "cross-book" to facilitate investment in DR programs and support their liquidity
* The products and services featured above are offered by Banco J.P. Morgan S.A., and logistics products and services are offered by JPMorgan Chase Vastera do Brasil Serviços de Comércio Exterior Ltda. All products and services are subject to applicable laws and regulations and service terms.
"The introduction of our treasury management solutions in Brazil is an important part of J.P. Morgan's continued international expansion efforts," added Susan J. Webb, executive vice president and product executive, Global Core Cash Management, J.P. Morgan Treasury Services. "As the global economy continues to show tremendous growth potential, our clients are increasingly seeking greater access to expanding international markets such as those in the Latin America region. As an industry leader, J.P. Morgan is committed to helping our clients succeed in today's highly competitive global marketplace."
For more information on J.P. Morgan's offerings in Latin America, visit www.jpmorgan.com/visit/BrazilandMexico.
J.P. Morgan's expansion in Brazil joins recently enhanced cash management offerings in India, Australia, Singapore, Japan, the Baltic's and Nordics. For more information on J.P. Morgan Treasury Services, visit: www.jpmorgan.com/ts.