JPMorgan Chase eyes outsourcing Hong Kong, Taiwan custody business

The bank is reportedly in the process of selecting another bank to take over operations.

JPMorgan Chase is reportedly planning to outsource the operations of its local custody business in Hong Kong and Taiwan with Citigroup, HSBC, and Standard Chartered, reports Bloomberg, based on anonymous sources.

The bank is reportedly in the process of selecting another bank to take over the local custodian operations in Hong Kong and Taiwan, according to the sources.

ALSO READ: How NETS is helping SMEs get the right data to raise their revenue

Local custody business takes care of transactions and runs the book for clients when they access certain markets. Global custody, in contrast, manages cross-border investments with a vast network and holds relationships with clients.

The bank is aiming to complete the transition in Hong Kong and Taiwan to another bank by the end of next year, a third source said.

ALSO READ: Trust Bank sets the bar for digital banking in Asia Pacific

JPMorgan reportedly has around $520b worth of client assets under custody (AUC) in the two markets.

Read more from Reuters: