Several months after winning the tender for the business, JPMorgan's treasury division has gone public with its cash management mandate with DuPont. The multi-year services contract covers 14 countries in Asia.
JPMorgan won the tender in a competitive bid and will provide a range of cash services to DuPont. The deal illustrates a continuing trend for large companies to consolidate their regional cash relationships.
"In making our decision, we paid particular attention to the service provider's ability to integrate the banking platform with our ERP systems," says Tan Aik Na, manager of DuPont's regional treasury centre in Singapore. "We also assessed the ability of the bank to provide banking services and timely information to enable us to effectively manage our liquidity across the region."
JPMorgan's head of treasury services in the region, Alexander Caviezel, says the DuPont appointment is not only a win for JPMorgan, but it is also a win for its partner banks in Asia. "This is clearly a benchmark mandate," he says.
DuPont's business in Asia includes operations in Australia, China, India, Indonesia, Japan, Malaysia, New Zealand, Pakistan, the Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam. The company employs over 5,000 people in about 50 wholly-owned facilities and 4,500 people in more than 40 joint ventures in the region. In 2004, the company recorded annual sales of $4.7 billion in the Asia Pacific.
DuPont and JPMorgan have a long history together, dating back to the early-1800s.
