This service will enable CIMB Thai Bank, J.P. Morgan's first CLS client in Thailand, to significantly reduce its foreign exchange settlement risk and achieve efficient payment versus payment settlement. It will also increase trade capacity and improve operational efficiencies through a scalable solution that simplifies trade matching and reconciliation processes. 

CIMB Thai Bank's appointment of J.P. Morgan, a CLS Third Party Service provider, strengthens an existing relationship established between the two banks last year, which saw J.P. Morgan appointed to provide clearing facilities for CIMB's Malaysia, Indonesia and Singapore operations. A growing regional bank, CIMB is one of Malaysia's largest financial services companies, with more than 38,000 employees across 14 markets.

David Wee, Senior Executive Vice President and Head of Group Information and Operations Division (GIOD) of CIMB Thai Bank, said: "With J.P. Morgan's CLS service, we have been able to significantly reduce our settlement risk and enhance the services we offer to our clients, while at the same time reducing our costs by minimizing the number of failed settlements and other post-settlement complications. Over the last year, we have been impressed with J.P. Morgan's commitment to us as a client, so it gives us great pleasure to extend this relationship."

Abdul Raof Latiff, Head of Treasury Services, ASEAN, J.P. Morgan, said: "This broader relationship with CIMB is testament to our success in delivering to our clients solutions which build their business, reduce their cost and mitigate their risk. As an exciting and rapidly emerging market, Thailand clearly represents an important element of J.P. Morgan's international growth strategy across the region."