JPMORGAN AND ING JOIN FORCES TO DELIVER INTEGRATED GLOBAL TREASURY MANAGEMENT SOLUTIONS

LONDON, 17 October 2002 - JPMorgan and ING today announced their decision to partner together to offer clients integrated pan-European and global treasury management solutions on a referral basis. This combines the strength of ING's presence in Central and Eastern Europe with the global reach of JPMorgan's Treasury Services. It will offer clients a unique opportunity to manage their financial transaction flows and take charge of their liquidity positions on a truly pan-European or even global scale.

The partnership builds on JPMorgan's experience in expanding its global network of Banking Partners, advanced customer access technology and 'one stop' customer service, coupled with ING's impressive track record as the treasury management provider of choice for corporations doing business in Central and Eastern Europe (CEE).

Multinational organisations are keen to leverage their existing treasury and financial services centres, taking speedy advantage of new business opportunities in new countries - but without creating more administrative overhead. It is this need that the JPMorgan/ING partnership effectively addresses, by providing the expertise of ING across the CEE countries through the same global delivery channel that JPMorgan already provides its clients. The complementary strengths of the two organisations make an ideal match.

Implementation of the joint service is already underway, led by a project management team staffed by both organisations. Both banks recognise the need for seamless delivery, and are committed to achieving this by integrating staff as well as systems. The new service is expected to be in pilot operation by the end of this year, with eight CEE countries being implemented throughout 2003. The first live countries will be Poland, Hungary and the Czech Republic.

For more informtion please contact:
Kelly Burke.
Tel: 020 7936 9058

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