JP Morgan to open card services facility in Cebu in 2010
November 29, 2009 12:12 am
CEBU CITY, Nov. 28 — JP Morgan Chase & Co., a leading global financial services firm, will open a new facility in Cebu in March next year with 1,600 seats.
The eBloc Tower located at Asiatown IT Park in Lahug, Cebu City, will be home to JP Morgan Chase & Co.’s card services business.
The expansion into Cebu is an important part of the firm’s plan to boost its operations in the Philippines.
JP Morgan Chase has three existing facilities in Metro Manila and a workforce of over 5,000 Filipino professionals.
The business in the Philippines received a significant boost in June this year with the successful launch of the Net Plaza building, Fort Bonifacio facility with over 6,000 seats.
Roberto L. Panlilio, managing director and senior country officer, said the Philippines continues to be a focus of growth for their global operations.
”And we are delighted that Cebu will benefit from the firm’s investment. Cebu’s emergence as a leading information technology enabled services location, along with the diverse talent in the market, makes it a clear, strategic choice for our continued expansion within the country,” Panlilio said.
Barry E. Marshall, senior country operations officer, said the office in Cebu would be an important addition to the firm’s capabilities in the country.
”Since our Global Service Center began operations in late 2005, we have consistently delivered the firm’s mission of doing first-class business in a first-class way. Our Philippine-based operations have received much acclaim from the firm’s global offices and clients largely because of the professionalism and skill of the Filipino workforce. We are very excited to be leveraging the Cebu market to support our global operations,” Marshall said.
JP Morgan Chase & Co.’s operations at the E Bloc tower will occupy a floor area of 133,000 square feet and will boast state-of-the-art recruitment and training areas as well as a full service cafeteria and breakout rooms for its growing employee population.
JP Morgan Chase & Co. is a leading global financial services firm with assets of US$ 2 trillion and operations in more than 60 countries.
The firm is a leader in investment banking financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity.
A component of the Dow Jones Industrial Average, JP Morgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its JP Morgan and Chase brands.
JP Morgan began operations in the Philippines in 1961 with a representative office. Since then, the firm has expanded its presence into a fully integrated franchise, comprising investment banking, treasury and securities services, equity sales, and research and trading operations.
JP Morgan has a number of legal entities operating in the country, including the Manila branch of the bank, which has a commercial banking license as well as a derivatives license, and a securities company with a seat on the Philippine Stock Exchange.
JP Morgan Chase & Co. is also rapidly expanding its Global Service Center to provide services for the firm’s various lines of business and support its customers and clients around the world. (PNA)