OCBC Bank has selected JP Morgan Treasury Services as its trade processing partner, covering processing on a white-labelled basis of OCBC’s import and export transactions for its overseas branches in eight locations.

The decision to tie up with JP Morgan is intended to reduce the Singapore-based bank’s overheads as well as enabling it to draw on its partner’s expertise and global trade system technology. The treasury services business of JPMorgan provides payment, collection, liquidity and investment management, trade finance, commercial card and information solutions to a range of clients from small businesses to governments and corporations.

Earlier this month, OCBC revealed its second quarter figures for 2007, reporting an increase of 65% in its core net profit to US$518mn.

OCBC also consolidated its long-standing presence in China this month, with business commencing at its new wholly owned subsidiary in China; OCBC Bank (China). The subsidiary is headquartered in Shanghai and will be aiming to attract more Chinese customers, including SMEs and consumers.

With local incorporation, OCBC Bank’s branches in Shanghai, Chengdu, Tianjin and Xiamen have all become branches of OCBC China, with all accounts transferred to this new entity.